Facing USD 59 million loss, Vietnamese seafood company initiating bankruptcy procedures

Ca Mau Province, Vietnam-based seafood company Cadovimex is aiming to finalize bankruptcy proceedings later this year due to heavy losses.

Cadovimex is an exporter of shrimp, pangasius, squid, and octopus, but suffered in the 2008 financial crisis.  A long-term capital misappropriation of VND 175 billion (USD 7.2 million, EUR 7.4 million), which the company never recovered, hampered its operations …

Photo courtesy of Cadovimex