Vinashin Said to Miss Third Payment on $600 Million Facility
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Vietnam Shipbuilding Industry Group, whose failure to make payments on a dollar-denominated loan in 2010 roiled the nation’s debt markets, has missed three installments for $180 million, two people familiar with the matter said.
State-owned Vinashin, as the company is known, received the $600 million loan in 2007 from a group of institutions led by Credit Suisse Group AG, according to data compiled by Bloomberg. It missed the first $60 million payment on the principal in December 2010, putting the loan into default, according to Moody’s. The company has since missed paying an additional two installments of $60 million each, the people said.