At the annual general meeting of Loc Troi Group Joint Stock Company (LTG) on August 23, the business plan for 2025, projected at a revenue of 4.2 trillion VND and a loss of 524 billion VND, was opposed, receiving only 13.46% approval. CEO Nguyen Tan Hoang disclosed that nearly 1,100 employees were laid off, reducing staff from 2,600 to around 1,500. The company is facing financial difficulties and needs to restructure its bank debts, negotiating with 12 banks including MB, TPBank, and HDBank to secure 1.3 trillion VND in working capital. Hoang also revealed that Loc Troi has been recovering goods due to uncollectible receivables, impacting the audit report from EY. The company plans to provide a financial report to shareholders soon and has potential investors willing to participate once this report is available. The restructuring plan is aimed to be completed by December 2025.
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