BKAV Antivirus Faces Bond Payment Challenges, Reassesses Collateral
BKAV Antivirus Software (BKAV PRO) recently announced a resolution from its bondholders‘ meeting.They approved a plan to reassess the company’s collateral assets.
The reassessment includes over 6.1 million BKAV Pro shares held by BKAV Joint Stock Company adn 4.9 million BKAV shares held by mr. Nguyen Tu quang.
BKAV PRO has 30 days from July 24th to find a buyer for these assets. The goal? To raise enough money – from the sale and BKAV’s own funds – to cover all outstanding bond obligations.
Information regarding the guarantee management of the BKPCB2124001 bond (screenshot).
the company missed a payment deadline on May 26th, owing nearly 163.3 billion VND in principal and over 8.9 billion VND in interest on the BKPCB2124001 bond.BKAV has been negotiating with bondholders since then.
In late July,BKAV PRO secured bondholder approval to reassess the collateral for the BKPCB2124001 obligation,paving the way for a guarantee management plan.
The BKPCB2124001 bond was initially issued in May 2021 for 170 billion VND with a 3-year term and an initial interest rate of 10.5% per year. Bondholders authorized the reassessment in May 2024.