Crystal Bay is late in paying 421 billion VND to VNDirect

DNVN - A report by VIS Rating shows that in November 2024, a delinquent bond was issued by Crystal Bay JSC, wholly owned by VNDirect.

According to a recent corporate bond market overview report published by VIS Rating, in November, one delinquent bond was issued by Crystal Bay JSC, a company in the tourism and resort sector, with a total outstanding principal value of VND 421 billion.

The issuer defaulted on principal repayment on November 5, 2024. Subsequently, VNDirect, the bondholder holding 100% of these bonds, agreed to extend the payment deadline to November 30, 2024.

According to VIS Rating, there is currently no payment announcement for this bond. The bond is secured by 78.2 million shares of Crystal Bay Joint Stock Company, and VNDirect is also the advisor, underwriter, and representative for the bondholders.

A project by Crystal Bay.

VIS Rating considers these collateralized shares to have low liquidity because they are shares of an unlisted company. Furthermore, the rating agency assesses that the company will continue to face a high risk of defaulting on principal and interest payments due to its weak credit profile with negative operating cash flow, high leverage, and limited cash resources. According to published information, this company incurred losses of VND 76 billion in the first six months of 2024 and VND 136 billion in the first six months of 2023.

Crystal Bay Joint Stock Company (website: https://crystalbay.com/) is a member of Crystal Bay Group, established in 2016. This real estate group is closely associated with the name of tycoon Nguyen Duc Chi (born in 1969) - Chairman of the Board of Directors and legal representative. Ms. Le Minh Ha holds the position of General Director.

Currently, the company owns numerous 5-star hotel and resort projects in Khanh Hoa, Ninh Thuan , and other provinces and cities. The company is also an investor and developer of large-scale tourism projects; and has recently launched charter flights from around the world to Vietnam.

Regarding business performance, according to the consolidated financial report for 2023, Crystal Bay recorded a net profit of VND 101 billion, compared to a loss of VND 94.1 billion in fiscal year 2022. As of December 31, 2023, the company's equity was VND 1,861 billion, an increase of nearly 5% compared to the beginning of the year.

According to VIS Rating's report, 43 bonds have defaulted on principal/interest payments for the first time in 2024 so far, with a total value of VND 23.2 trillion. This number has decreased significantly compared to 369 bonds with a total value of VND 144.3 trillion in 2023.

The cumulative delinquency rate at the end of November 2024 remained at 15.3%. The Energy sector had the highest delinquency rate at 44%, while the residential real estate sector accounted for 60% of the total delinquent bonds.

Thu An

Source: https://doanhnghiepvn.vn/kinh-te/crystal-bay-cham-tra-421-ty-dong-cho-vndirect/20241207030443883