SeABank funds Vietnam Airlines recovery with $87 mln loan

By Dat Nguyen   July 5, 2021 | 12:20 am PT
SeABank funds Vietnam Airlines recovery with $87 mln loan
A Vietnam Airlines aircraft is seen at Tan Son Nhat International Airport in Ho Chi Minh City in January 2021. Photo by VnExpress/Quynh Tran.
Private lender SeABank will provide a zero-interest loan of VND2 trillion ($87.19 million) to Vietnam Airlines to save the carrier from bankruptcy.

Part of the money will be disbursed this month, the national flag carrier stated.

This is 50 percent of a refinancing package worth VND4 trillion ($174 million) the government has approved to support Vietnam Airlines, which has VND20 trillion in debt due to the Covid-19 pandemic.

The remaining sum will come from two other lenders, SHB and MSB.

Vietnam Airlines has also been approved to issue new shares to existing shareholders to raise VND8 trillion. This is set to occur in the last quarter.

Its HVN ticker on the Ho Chi Minh Stock Exchange has been put under warning since April 15 due to plummeting financial figures.

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