Troubled solar manufacturer and project developer Singyes Solar has hit back at Deutsche Bank after the Hong Kong branch of the German lender issued a winding up petition against the Chinese company.
In a statement issued to the Hong Kong stock exchange where it is listed, Singyes said it is disputing the US$6.27 million which Deutsche Bank says the solar developer and building-integrated PV (BIPV) manufacturer owes it.
Singyes is hoping to convince the holders of almost US$430 million of defaulted senior notes and convertible bonds to agree to forestall payment of the debts by accepting new three-year notes as it awaits a HK$1.55 billion (US$198 million) bail-out from Chinese state-owned entity Water Development (HK) Holding Co Ltd.
Deutsche Bank’s move threatens that plan and would effectively halt efforts to save the company, as Singyes hinted in the circular released yesterday. The Guangdong-based company said it is taking legal advice about attempting to recover the costs incurred by fighting the winding-up petition from Deutsche Bank.
The petition is due to be heard in the Hong Kong High Court on October 2.
Fellow solar developer Comtec Solar confirmed yesterday it will present its first-half results on August 30. The Shanghai company is being forced to consolidate its shares after its stock value fell near the HK$0.01 minimum price permitted on the Hong Kong exchange.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.