The project developer and BIPV maker wants creditors to agree to postpone settlement of their debts for three years and will offer a financial incentive – provided a proposed Chinese state-backed bailout is voted through by its shareholders.
A falling share price has put the Chinese developer at risk of breaching requirements to maintain its Hong Kong listing. Shareholders are set to vote on consolidating their stock next month.
The Hong Kong listed developer is set to bank just south of $1.75 million from a Chinese state-backed partial stake sale in two PV projects, but will have to cut an awful lot more deals of that scale to keep creditors at bay.
Stockholders in the Guangdong-based business – one the highest profile victims of Beijing’s 5/31 policy about-turn to date – were yesterday due to learn when a crucial vote on a state-sponsored Chinese bail-out of the company will take place. Publication has now been postponed until August.
The polysilicon giant’s Jiangsu Zhongneng unit invested $196 million into a $487 million fund alongside public partners to promote clean energy manufacturing in the Chinese city. A stake sale in the Xinjiang GCL subsidiary, if approved by shareholders, will more than recoup the group’s outlay.
The state-owned power conglomerate is ready to spend more than $370 million on taking its project business out of the public eye.
Company stock diluted more than 8% to generate gross proceeds of $87 million as the company continues its policy of expansion at a breakneck rate.
The glass maker is set to issue fewer shares – at a higher value – in its solar glass subsidiary as it aims to generate funds for two new PV glass production lines in China.
Italian industrial group Maccaferri, the parent company of the insolvent EPC contractor, has also filed for insolvency for another three units of its energy business.
The polysilicon and wafer maker has been busy raising cash of late by indulging in a fire sale of project assets. With plans for ever larger production capacities to fund, it has now announced the issue of new shares amounting to more than 8% of the existing stock.
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