Panda Green extends deadline for accepting debt restructuring proposal

The indebted developer has been forced to extend the period during which the holders of $350 million of senior notes can decide whether to delay settlement by two years.

Panda Green note holders have until 11 days before the debt is due to decide whether the offer is acceptable.

Image: Geralt, Pixabay

Share

Chinese solar developer Panda Green’s race to meet a January 25 deadline to honor US$350 million of senior notes appears set to go down to the wire after the deadline for accepting a delayed payment was extended.

The heavily-indebted, Hong Kong-listed solar project developer has proposed postponing settlement of the 8.25% interest-bearing notes for two years, with 8% interest paid over the extension period.

However, having announced holders of the notes would have until last Friday to accept the offer, Panda Green today announced the deadline has been extended until January 14.

On Monday, the publicly-owned business announced shareholders had approved the company’s latest bail-out from Beijing. State-owned Beijing Energy Investment Holding Co Ltd will acquire a 30.39% stake in the company with a shares subscription worth HK$1.79 billion (US$230 million).

The change in ownership makes Beijing Energy Investment the major shareholder in Panda Green, which is now 72.44% owned by Chinese state entities, including a company which specializes in distressed debt.

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.

Popular content

Solarwatt presents new residential battery
22 November 2024 German manufacturer Solarwatt says its new battery can be flexibly configured as an AC or DC system. It also features an emergency power function and...