Assets of insolvent Long An Textile partly disposed off
17 Oct '05
1 min read
Ho Chi Minh City based Cam Hung Textile and Garment Trading Company purchased a part of a bankrupt textile firm Long An Textile's assets, Thursday, located in Long An region of Vietnam's Mekong Delta.
Long An Textile which was declared insolvent by local authorities in August, earned US $6 million by selling its factory, machinery and 3,000 square meters of land.
Even after sacking 1000 employees under the unemployment policy, Det Long An (Long An Textile) holds its stock and trademark in the venture.
In business for the last 20 years, this state managed firm Long An, was shut after receiving due consent from the Prime Minister on August 30.
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