Sacombank auctions 3,600 billion VND collateral to recover Bamboo Airways' debt

Sacombank has announced the auction of exploitation rights for commercial floors at the Xi Grand Court project, located in Ho Chi Minh City. The starting value for this collateral asset has been set at over 3,600 billion VND. Sacombank's primary objective in taking this action is to recover outstanding debts owed to the bank by airline Bamboo Airways. The liquidation of assets is a common measure adopted by credit institutions to address non-performing loans or overdue debts when borrowers are unable to fulfill their payment obligations as committed. The Xi Grand Court project is a large complex, comprising various types of real estate such as apartments, offices, and notably, commercial spaces. The exploitation rights for commercial floors in such a prime location are expected to attract significant interest from potential investors during the auction process.

Key points
* Sacombank is auctioning collateral assets at the Xi Grand Court project.
* The asset value exceeds 3,600 billion VND.
* The purpose is to recover debt from Bamboo Airways.

Nguồn / Source: VnExpress - Kinh doanh