Tan Tao Investment and Industry Joint Stock Company (ITA) has officially escaped bankruptcy after 8 years, according to a decision from the Ho Chi Minh City People’s Court. The bankruptcy process was initiated in 2017 by Quoc Linh Trading and Construction Company due to ITA’s failure to pay a debt of over VND 21.3 billion. However, the process was prolonged as ITA failed to provide necessary documents. The court found that ITA’s assets were approximately VND 12.185 trillion, while unsecured debts amounted to about VND 94 billion, indicating the company’s ability to pay. Thus, the court suspended bankruptcy proceedings and separated related lawsuits. Ms. Dang Thi Hoang Yen, Chairman of ITA, has filed a lawsuit against Quoc Linh Company in the U.S., accusing them of causing damage to the company. ITA’s financial situation for the first 9 months shows a significant profit drop, only achieving VND 43 billion due to warnings and market controls.
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