According to Báo Gia Lai, on August 2nd, Mr. Bui Phap – Chairman of the Board of Directors of Duc Long Gia Lai Joint Stock Company (stock code DLG) hosted a press conference with local media, providing information about the company’s business operations and issues related to Lilama 45.3 Joint Stock Company’s request to initiate bankruptcy proceedings against Duc Long Gia Lai for the second time.
Photo: Minh Phuong, Bao Gia Lai
Mr. Bui Phap stated that they have filed a lawsuit at the People’s Court of Quang Ngai City (Quang Ngai City Court) to compel Lilama 45.3 Joint Stock Company to compensate for economic, brand, and reputation damages. Duc Long Gia Lai is currently in the process of assessing the specific damage and will present the valuation along with evidence during the mediation process.
He added that it is quite normal for enterprises to incur debts with partners, customers, and banks in the course of their business operations.
Since the High Court of Da Nang issued Decision No. 03/2023/QD-PT on November 10, 2023, revoking the decision of the Gia Lai Provincial People’s Court to initiate bankruptcy proceedings against Duc Long Gia Lai upon Lilama 45.3’s request, the company has continued its business operations as usual. To date, Duc Long Gia Lai has repaid VND 6 billion (41% of the principal debt) to Lilama 45.3. The most recent payment of VND 350 million was made on June 27, 2024, as part of their debt repayment plan, which aims to fully settle the principal amount of over VND 14.7 billion and late payment interest of more than VND 2.3 billion by the end of 2026.
The representative of Duc Long Gia Lai also stated that if their business operations perform well, the debt repayment period for Lilama 45.3 may be shortened.
In response to this, the representative of Lilama 45.3 stated that they have not yet received information about the lawsuit filed by Duc Long Gia Lai: “The initiation of a lawsuit is Duc Long Gia Lai’s right.”
Additionally, Lawyer Nguyen Thi Suong from FDVN Law Company, representing Lilama 45.3, stated that there was no agreement between Lilama 45.3 and Duc Long Gia Lai regarding any extension or installment payments. Duc Long Gia Lai’s commitment to a repayment plan is unilateral.
Last month, Lilama 45.3, a creditor of Duc Long Gia Lai, filed a petition with the Gia Lai Provincial People’s Court to initiate bankruptcy proceedings against the company for the second time, citing a principal debt of nearly VND 14.8 billion and late payment interest of nearly VND 2.4 billion. The court accepted the petition.
Back in July 2023, Lilama had also submitted a similar request, which was later objected by Duc Long Gia Lai. The High Court of Da Nang ruled in favor of Duc Long Gia Lai, stating that the company had not lost its ability to pay and demonstrated a willingness to repay the debt, hence revoking the bankruptcy decision of the Gia Lai Provincial People’s Court.
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