GCL nears resolution of its $500m senior notes headache
The Chinese poly maker expects to sign off a debt reorganization plan in Bermuda next month and has announced its latest $102 million solar project sell-off.
GCL confirms thumping annual loss for 2020
The polysilicon maker lurched from a $17m profit in 2019 to a $960 million loss last year, according to an unaudited extract from its overdue annual figures. Publication is being held up by an auditor enquiry relating to a $71m abandoned-production-project pre-payment which appears to be either owed by, or to, a GCL subsidiary.
GCL auditor raises issue with accounts
Trading in the Hong Kong-listed company stock, which was supposed to resume this morning following publication of the overdue 2020 figures, remains suspended.
Further hitch in GCL-Poly annual results
The poly making parent company says it needs extra time to finalize its 2020 figures so trading in the stock appears likely to remain suspended for the rest of the week. GCL is due to complete the paperwork related to a proposed debt restructure this month.
More project sales ahead as defaulting GCL awaits debt restructure
The company is in cross-default for $679 million, triggered by the non-payment of $500 million of senior notes at the end of January. The polysilicon maker hopes to straighten that matter out with a debt restructure ‘by June.’
Chinese PV Industry Brief: Longi continues construction of ingot fab as GCL finds a buyer for six PV farms
Longi has started construction of its 10 GW ingot factory in Yunnan, CLYPG signed PV project contracts for up to 32.6 GW in 2020 and GCL has agreed to sell PV parks with a combined capacity of 321 MW. Polysilicon prices, meanwhile, continue to rise while those of solar glass are falling.
GCL eyeing near-800 MW solar project sell-off to state-owned Three Gorges
The polysilicon maker and solar developer saw its shares suspended from trading this morning after missing the deadline to publish its annual report but has been busy with more planned PV project sales.
GCL prepares the decks to announce thumping losses
The board’s explanation for an anticipated $900 million hit in 2020, following a profit a year earlier? ‘The figures for 2019 were deceptive.’
GCL-Poly continues to ramp production capacity commitments
The poly maker is making significant investment pledges into new production lines in Sichuan and Inner Mongolia.
GCL-Poly dilutes holding in developer business to raise funds
The poly maker yesterday secured approval from unpaid creditors to restructure the company’s debts and will commit the anticipated $115 million windfall from its shares placement towards its financial commitments.
