Vietnam Aircraft Leasing Joint Stock Company (VALC) has just decided to auction five ATR 72-500 aircraft (212A) with a starting price of $9.62 million/piece, equivalent to about VND214.9 billion/piece. .
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Property Auction Service Center under the Department of Justice of Ho Chi Minh City. Hanoi has just issued a notice to auction properties authorized by Vietnam Aircraft Leasing Joint Stock Company (VALC).
Accordingly, VALC will sell 5 ATR 72-500 (212A) aircraft with a starting price of USD 9.62 million/unit, equivalent to about VND 214.9 billion/unit. Thus, if the auction is successful, VALC will collect more than 1,074 billion VND.
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It is known that 5 ATR 72-500 aircraft are the assets of VALC and are funded under the guarantee structure of Export Credit Institutions (ECA), the ownership of the aircraft currently belongs to Thang Long Company. Limited – A special purpose company established by Credit Agricole CIB in the name of aircraft.
All 5 aircraft are under the dry lease contract between Vietnam Airlines Corporation – JSC (Vietnam Airlines) and VALC and are being operated by Vietnam Airlines.
The 5th aircraft that was handed over to Vietnam Airlines by VALC at the end of 2010 belongs to VALC’s investment project of 5 ATR 72-500 aircraft with a total investment of up to 100 million USD.
Notably, VALC’s aircraft lease contract with Vietnam Airlines has a term of nearly 12 years (since 2008), however, Vietnam Airlines wanted to stop the ATR 72-500 sub-lease contract for the most part. Airports have been upgraded to accommodate jet aircraft, the ATR family of aircraft has become less dominant.
After Vietnam Airlines sent a written request to VALC to consider terminating the lease contract for 5 ATR aircraft, on December 18, 2015, VALC gave a written reply agreeing on the policy of premature termination of the contract.
However, Vietnam Airlines must compensate for damages arising from premature termination and create new business opportunities for VALC.
In a document sent to the Prime Minister, Vietnam Airlines and BIDV, the two major shareholders of VALC said:
“Due to the effects of early termination of the lease contract on the interests and reputation of the parties involved. Vietnam Airlines and BIDV as two major shareholders of VALC discussed and agreed on the termination plan. premature termination of the lease contract of Vietnam Airlines”.
Reporting at the 2016 annual general meeting of shareholders, the Board of Directors of VALC once acknowledged that, for banks and export credit guarantee agencies, the termination of this contract will have to be reported by VALC to pay outstanding debt and is expected to incur a large penalty cost.
Since the aircraft are not currently owned by VALC, the Company can only liquidate the aircraft after paying the entire remaining principal with interest to the bank, approximately USD 45 million in principal and about 2.5 million USD. million dollars in fines.
It is worth noting that, while Vietnam Airlines terminated the contract with VALC ahead of time on the grounds that the operation of ATR aircraft became less advantageous, it was the ATR 72 aircraft mentioned by Vietnam Airlines in the dispatch sent to Vietnam. The Ministry of Transport reported on contributing capital to Techcombank to establish an airline in the model of a joint stock company on the basis of VASCO’s rearrangement.
Specifically, VNA said that “the capital contribution to establish the airline on the basis of rearranging VASCO, transferring the fleet of ATR 72 aircraft to the newly leased airline has been calculated by the corporation in the production plan. has been in business for 5 years and has been approved by the Ministry of Transport”.
Vietnam Airlines said that the Corporation’s participation in capital contribution to establish and lease to new airlines to operate the ATR72-500 fleet is in line with the development and operation orientation of the fleet until 2020.
According to the Property Auction Service Center, the time to register to see the property is before July 26, the auction will be held on August 5, 2016 in Hanoi.
Source: Young knowledge