On 10th July, Auction Council for Long An Textile Company located in Southern province of Long An reported that People's committee has approved price of the Group's equity at VND95 billion or US $5.9 million.
The company, with its clothes and trademark had created a niche for itself in the Vietnam's textile industry and among state garment enterprises and customers.
The company announced bankruptcy in July, 2004, since it faced year-on-year loss in production and trading worth VND 90 billion or $5.6 million and huge amount debt to local banks.
Long An people's committee have tried to sell the company but no enterprises or investors were ready to purchase the one time famous textile giant.
"Special priority shall be granted to units who could negotiate with its creditor to make acquisition of the company. Buyers have options of acquiring both its assets including textile machinery and land use right or just its possessions but leasing the land.", an official of the council said.
Fibre2fashion News Desk - Vietnam
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