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.
The Beijing-owned electric utility is still carrying out due diligence of solar project assets in the GCL New Energy portfolio, having walked away from a full state bail-out of the GCL business last month.
Unannounced lay-offs with no pay or benefits have left more than 600 American workers, 180 employees in Germany and thousands in China unemployed and in the dark. Some of those affected have told pv magazine their story.
The debt-saddled Chinese PV developer hopes the holders of notes due to mature next month will be persuaded to hold off settlement for two years as it awaits a shareholder vote related to its latest proposed injection of public funds.
The Hong Kong-listed, Chinese state-owned solar developer is in a race against time to settle a US$350 million bond which is due to mature on January 25. The bail-out, which will be put to the vote on December 30, will leave the company a further US$125 million shy.
Now Chinese state-owned, the developer appears to want to draw a line under a traumatic two-year period which saw its fortunes reversed in dramatic fashion. Effectively now part of China’s Shuifa construction conglomerate, the proposed new name is intended to reflect the fact.
Chinese scientists have developed a PV floor tile they say is suitable for pavements and cycling tracks. The devices were tested on a ‘green deck’ in Hong Kong. The developers say the tiles have demonstrated satisfactory solar energy conversion, anti-slip performance, heat-resistance and strength.
There was unanimous approval at a vote on the debt reorganization plan put before creditors in Hong Kong today and now it remains only for the scheme to be rubber-stamped in the territory – and in Bermuda – before the task of rebuilding the soon-to-be-state-owned business can begin.
It is back to the meeting room for beleaguered shareholders in the debt-saddled solar project developer, ahead of a proposed shares purchase by a Chinese coal and real estate company.
The proposed acquisition of a controlling stake in the heavily-indebted PV project business of solar manufacturer GCL-Poly has fallen through, with state-owned China Hua Neng now proposing to cherry-pick the more attractive assets from the unit’s 7 GW portfolio.
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