Crystal Bay is late in repaying 421 billion VND in bonds to VNDirect.

Last November, a delinquent bond was announced by Crystal Bay JSC, wholly owned by VNDirect.

According to a corporate bond market overview report published by VIS Rating on the afternoon of December 5th, in November, one delinquent bond was issued by Crystal Bay JSC, a company in the tourism and resort sector, with a total overdue principal value of VND 421 billion.

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

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There is currently no payment announcement for this bond. This 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.

VIS Rating considers these collateral assets to have low liquidity because they are shares of an unlisted company. Furthermore, VIS Rating assesses that Crystal Bay will continue to face a high risk of defaulting on principal/interest payments due to its weak credit profile with negative operating cash flow, high leverage, and limited cash resources.

Prior to the release of the VIS Rating report, during the stock trading session on December 5th, VND shares of VNDirect Securities Joint Stock Company fell for the second consecutive session to below 12,500 VND/share, with high trading volume.

The reason is that Trung Nam Construction Investment Joint Stock Company, in which VNDirect holds bonds, announced a consolidated after-tax loss of VND 2,878 billion for the 2023 fiscal year. As of December 31, 2023, Trung Nam's equity reached VND 24,290 billion, a decrease of VND 3,624 billion compared to the previous year. The debt-to-equity ratio increased to 2.68 times, corresponding to a debt of VND 65,097 billion, of which bond debt accounted for VND 18,218 billion.

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At the end of Q3 2024, VNDirect's bond portfolio was valued at VND 13,100 billion, an increase of VND 3,000 billion compared to the end of 2023. VNDirect also recorded nearly VND 184 billion in doubtful receivables from the Trung Nam group, requiring the company to set aside a provision of over VND 55 billion.

At the end of trading on December 5th, the price of VND recovered following the unexpected market surge and closed at 13,850 VND per share. This is still higher than the book value of VND shares.

Source: https://baodautu.vn/crystal-bay-cham-tra-421-ty-dong-trai-phieu-cho-vndirect-d231806.html