Facing continuous losses, the owner of the Sunbay Park Ninh Thuan project is requesting an extension of bond repayment.

Sunbay Ninh Thuan has not had a profitable year since 2021. Every year, the company incurred losses of several billion VND during the period 2021-2023, and a sudden loss of over 14 billion VND in the first six months of 2024.

Sunbay Ninh Thuan has not had a profitable year since 2021. Every year, the company incurred losses of several billion VND during the period 2021-2023, and a sudden loss of over 14 billion VND in the first six months of 2024.

Sunbay Ninh Thuan Joint Stock Company has just announced the Resolution of the Bondholders' Meeting approving the extension of the maturity period of bond code SBPCB2124002.

Accordingly, bondholders have approved extending the bond term from 36 months to 37 months, equivalent to 1,127 days from the date of issuance. The new maturity date of the bonds will be January 23, 2025.

The aforementioned bond issue was launched by Sunbay Ninh Thuan in December 2021. With an initial term of 36 months, the bonds will mature on December 23, 2024, which is just one week away. After extending the term, Sunbay Ninh Thuan will have an additional month to arrange the funds for repayment.

The bond issue has a total value of VND 799.9 billion. After repurchasing a portion, the remaining outstanding value of the bond issue is VND 654.9 billion. This is also the largest bond issuance ever made by Sunbay Ninh Thuan, with only one bondholder.

In addition, Sunbay Ninh Thuan still has 3 other bond issues outstanding. Notably, all 3 of these bond issues were issued on the same day (May 17, 2022) with a total value of VND 900 billion and different maturities.

The total value of the four bond tranches issued by Sunbay Ninh Thuan is VND 1,699.9 billion, with a total outstanding value of VND 1,554.9 billion. Except for the aforementioned bond tranche and a VND 200 billion bond tranche maturing in 2025, the other bond tranches of Sunbay Ninh Thuan still have ample time remaining before maturity in 2027-2028.

Sunbay Ninh Thuan's outstanding bond issues.

Sunbay Ninh Thuan's report shows that, from 2021 to the present, the company has consistently paid bond interest on time and in full. However, looking at the company's business report, it appears that the business has been operating at a loss since 2021.

Sunbay Ninh Thuan has not had a profitable year since 2021. Although the losses have not been excessively large, the company lost several billion VND each year during the 2021-2023 period. By the first six months of 2024, the losses had increased dramatically, reaching over 14.3 billion VND.

The debt-to-equity ratio has also been steadily increasing. This ratio reached 4.46 times at the end of Q2/2024, on equity of VND 746 billion, meaning Sunbay Ninh Thuan currently has liabilities exceeding VND 3,300 billion. Half of that is debt from bond issuances.

Sunbay Ninh Thuan Joint Stock Company is the investor of the Sunbay Park Hotel & Resort project in Ninh Thuan. The project was approved on July 17, 2019, with an area of approximately 3.6 hectares; a total investment of VND 4,779 billion; and a scale comprising 3 towers.

The Sunbay Park Hotel & Resort project is invested in by Sunbay Ninh Thuan Joint Stock Company.

As reported by Baodautu.vn , this real estate project has been repeatedly reminded and urged by Ninh Thuan province to complete it urgently. The investment policy for the SunBay Park Hotel & Resort project was adjusted by the Ninh Thuan Provincial People's Committee in Decision No. 87 dated February 7, 2024. Accordingly, the project's completion and operation dates for towers B and C were adjusted to April 2024; and for tower A to October 2024.

In November 2024, the Chairman of the Ninh Thuan Provincial People's Committee requested the investor of the SunBay Park Hotel & Resort project to find solutions to access funding and urgently complete towers B and C. The project's delay has affected the economic , social, and security situation, causing waste of land and investment resources.

Source: https://baodautu.vn/thua-lo-trien-mien-chu-du-an-sunbay-park-ninh-thuan-xin-gia-han-no-trai-phieu-d232749.html