Property developer FLC misses $45M bond repayment

By Minh Son March 14, 2024 | 01:35 am PT

FLC Sam Son Beach and Resort in central Thanh Hoa Province. Photo courtesy of FLC

Property developer FLC has not paid VND1.12 trillion ($45 million) in bonds and coupons, which were due last year, as it continues to go through a major restructuring.

The debt comprises VND996 billion in bonds and VND120 billion in coupons, which were supposed to be paid by December last year, according to a company disclosure to the Hanoi Stock Exchange.

The bond was issued in December 2021 with a coupon rate of 12% and maturity of two years.

FLC leaders said that the company went through major challenges in 2022 and 2023 due to issues with its former leaders.

Trinh Van Quyet, FLC former chairman, was arrested in March 2022 due to stock manipulation along with other company leaders.

The company cut down its staff size by 60% to 3,500 by the end of last year.