Vinashin loan-to-bond looks like a hit

Vietnamese state-owned shipbuilder Vinashin’s latest fix for its default on a $600m syndicated loan looks likely to gain the approval of its creditors, according to a banker familiar with the deal.

  • 07 Feb 2013

The restructuring involves swapping the $600m loan, plus unpaid interest of $22m, for $622m of bonds, said the banker. The Ministry of Finance in Vietnam is guaranteeing the company’s bond issue, giving lenders some certainty that they will get their money back.

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