The Lộc Trời Group (LTG) is facing over 6 trillion dong in bad debt and has formed a restructuring committee to revive its financial health. The company is negotiating to extend debts with 12 banks, including MB, TPBank, and HDBank, to sustain its operations. So far, Lộc Trời has made restructuring agreements with MB and is expected to receive 650 billion dong in working capital from TPBank. However, the projected revenue for 2024 is 4.2 trillion dong, the lowest in its history, leading shareholders to reject the plan. The current financial woes stem from adverse events such as losing the strategic partner Syngenta and fluctuations in rice prices, resulting in record losses. Lộc Trời now needs further investment from external investors for recovery.
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