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PM assures restructuring of ailing silk firms

13 Sep '06
1 min read
Prime Minister has decided to restructure State-owned firms under the Ministry of Agriculture and Rural Development (MARD).

Business renewal committee has submitted a list of eight affiliates which are goinng to be bankrupt.

Main reason of bankruptcy is scarcity of raw materials supply to the factories which resulted in closure of the production facilities.

These eight companies incurred a loss of VND131.395 billion with total debt of VND502.8 billion.

All companies will be bankrupted as per the current laws and applications will be submitted to local economic courts.

1,193 workers of these eight companies will be provided financial support as per Government's Decree 41-CP.
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