BIDV accepted to lose hundreds of billions in principal and interest, just hoping to recover the debt of the aluminum and glass company that…

After the failed asset auction in May 2022, BIDV continued to lower the price of Sado Germany Window Joint Stock Company’s debt to 510 billion VND, 172 billion VND lower than the original starting price.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has just announced the selection of an organization to auction the debt of Sado Germany Window Joint Stock Company at its East Dong Nai branch.

Accordingly, the collateral for the Sado Germany Window loan at BIDV includes assets attached to land and machinery and equipment serving production at the tempered glass factory located at alley 194, Phung Hung street. , Long Duc 3 hamlet, Tam Phuoc commune, Bien Hoa city, Dong Nai province.

In addition, collateral for this loan also includes means of transport including: 1 3.5 ton Isuzu glass truck, 1 18 ton Hyundai truck, 1 Toyota Fortune, 1 Ford Transit and a number of vehicles. other load.

In this auction, BIDV wants to transfer all of Sado Germany Window’s debt with a starting price of 510 billion VND. This price is down 172 billion VND compared to the figure given in May 2022.

BIDV offers to sell Sado Germany Window’s debt with a starting price of 510 billion VND

According to research, Sado Germany Window was established in 2010 with the name Sado Complex Joint Stock Company with Mr. Nguyen Cong Chinh as Chairman of the Board of Directors and Mr. Nguyen Cong Chinh as Chairman of the Board of Directors and General Director.

This company is headquartered at Alley 194, Phung Hung Street, Long Duc 3 Hamlet, Tam Phuoc Commune, Bien Hoa City, Dong Nai Province with the main business line of manufacturing and supplying aluminum and glass products, tempered glass. force, rolling doors…

Sado Germany Window said it has invested more than 1,500 billion VND to build 2 aluminum and glass factories in Vietnam.

Specifically, in 2014, Sado Germany Window inaugurated its glass factory and put it into operation with a total investment of 500 billion VND (phase 1), with a capacity of 18 million m2 of glass products/year.

By 2017, this company continued to invest more than 1,000 billion VND to build a factory specializing in producing glass and aluminum doors using German technology. At the same time, implementing phase 2 construction to increase capacity to 45 million m2/year.

At the end of 2019, Sado Germany Window successfully called for investment capital of 12 million USD for its aluminum and glass door metal accessories factory. Representative of investors Mr. Pham Thanh Hung (Shark Hung) signed a cooperation agreement with this aluminum and glass manufacturer.