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Vinashin struggling to pay creditors

Hanoi: Vietnam's state-run Vietnam Shipbuilding Industry Group is asking its creditors for a freeze on a $60m loan repayment due on December 20. Vinashin came to the brink of bankruptcy over the summer, amassing $4.4bn in debts. Among Vinashin's debts is a $600m syndicated loan arranged by Credit Suisse in 2007. On November 29, Vinashin's management wrote to the lenders requesting a deferral in the event that the company finds itself unable to make the first $60m principal repayment due on December 20.
"Vinashin wishes to emphasize that this is a request for a deferral only, and that it remains committed to repayment of the facility in full," said the letter from Vinashin Chief Executive Truong Van Tuyen. [03/12/10]

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