Singyes averts winding-up petition by settling with Deutsche Bank
The Chinese solar manufacturer will pay the lender an undisclosed sum if its creditors vote, as expected, to back a debt reorganization scheme which will, in turn, unlock a state bail-out of the company by Beijing.
Singyes shareholders approve China bail-out
The margin of support for the proposed $198 million takeover by a Beijing entity came as no surprise and the deal now hinges on the holders of $430 million of defaulted debts supporting a delayed settlement of their claims. First up, though, is a date with a winding-up petition on Monday.
Yingli in talks with creditors over break up
The Chinese solar manufacturer today admitted it is in talks with its lenders and strategic investors about a break up of the company after its 2018 annual accounts revealed an apparently unserviceable debt pile. Any strategic investor is likely to constitute a Chinese state-backed bail-out.
Singyes winding-up petition adjourned until November
The latest date for hearing the petition will fall just four days after shareholders vote on a proposed Chinese state-backed HK$1.55 billion bail-out of the business.
Singyes state bail-out vote at end of the month
Shareholders in the heavily-indebted solar project EPC and building-integrated PV manufacturer will vote on the last day of the month on the proposed takeover of the business by a Chinese state-backed entity. No news has emerged of a winding-up order due to be heard yesterday.
AC Energy, UPC Solar set up new Asia-Pacific joint venture
Philippines-based AC Energy will work with UPC Solar Asia Pacific – the solar energy unit of Hong Kong-headquartered UPC Renewables – to build more than 1 GW of solar in the coming years, with an initial focus on Asian markets such as India, South Korea and Taiwan.
Singyes Solar figures tell story of a dramatic year in Chinese solar
The PV project developer and BIPV manufacturer has seen a glowing set of first-half figures published last year become a nightmare of lost income, debt defaults and frozen bank deposits. All eyes now turn to the business’ high court date on Wednesday.
Singyes wants creditors to vote on debt reorganization in November
The solar developer today announced it will seek permission from the relevant legal authorities in Bermuda – the low-tax haven where it is registered – and Hong Kong, where it is listed, to hold a meeting to present creditors with a rescue plan they can vote on.
Singyes shareholders show discontent
The holders of almost six million shares in the company voted against the reappointment of chairman and CEO Liu Hongwei as a non-executive director. On Liu’s watch the company has had to turn to a state bail-out from China to help ensure its survival.
Singyes winding-up petition is put back
Deutsche Bank’s attempt to shut down the Chinese solar developer and BIPV maker, due to be heard this morning, has been adjourned for two weeks.
