However, reading between the lines of project director, David Dwyer, they will probably be offered considerable less than they are owed.

"We will be in a position to make creditors an offer in a few weeks," he told EnergyReview last week.

He said he could not confirm that creditors with verified invoices would be offered the full, owed amounts.

He said the figure of US$6.5 million in outstanding invoices was 'fairly accurate'.

British-based pipeline contractors BJ Process confirmed they are owed over US$1 million and it is understood the Singapore office of the European-listed Brunel Energy commenced legal action against MCD in recent weeks over a similar amount.

"Some of them (the creditors) have gone down the track of legals," said Dwyer.

The money is allegedly owed from MCD's contract to build a 50 kilometre subsea pipeline and onshore gas processing plant, to process gas from the Nam Con Son field. Work stopped on the project at least four times during its construction in an effort to keep the progress payments coming. Such work stoppages are rare in Vietnam.

The beleaguered MCD recently announced its major shareholder (63%) was moving to 100% control, after having tipped in over A$20 million in short term finance to keep the company's head above water.

The company said in the merger announcement it had been facing difficult insurance, bonding and banking conditions in recent times.