Indovina Bank Limited (IVB) has recently announced the sale of secured debt belonging to the Joint Stock Company for Electrical, Water, and Construction Installation 2.
As of August 6, 2024, the company’s debt obligations to IVB amounted to over VND 41.5 billion. This includes principal debt of VND 20.428 billion, interest due of VND 1.17 billion, interest on overdue principal of VND 19.71 billion, and interest on overdue interest of nearly VND 200 million.
Cowa Tower 199 Ho Tung Mau. Photo: IT.
The secured assets for this debt include land-use rights for the Cowa Tower project at 199 Ho Tung Mau, Cau Dien Ward, Nam Tu Liem District, Hanoi. It also includes a portion of the project’s building, comprising two floors of commercial services, two basements, one technical floor, and five apartments.
Additionally, the sale includes the first floor and mezzanine of unit A102 in the D5 lot of the Cau Giay New Urban Area, Dich Vong Ward, Cau Giay District, Hanoi. It also covers a house and land at 65 Le Hong Phong Street, Dien Bien Ward, Ba Dinh District, Hanoi.
IVB will sell the debt in its current state, including all rights and interests associated with the debt, as well as the rights to dispose of the secured assets and other related rights as stipulated by law. The sale will also include any rights, obligations, or benefits arising before, during, or after the debt sale.
The debt sale price is equivalent to the total debt obligations of the Joint Stock Company for Electrical, Water, and Construction Installation 2 to IVB at the time of the debt sale contract signing, tentatively calculated as of August 6, 2024, amounting to over VND 41.5 billion.
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