Singyes winding-up petition is put back

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Chinese solar developer and building-integrated PV manufacturer Singyes Solar will live to fight another day after a Hong Kong High Court date arranged to hear a winding-petition against it was postponed for a fortnight.

The Hong Kong branch of Deutsche Bank is pursuing the order against the Guangdong-based company over what it claims is a US$6.27 million debt. Singyes has disputed the claim.

The PV project developer was due at the court this morning but the hearing has been adjourned until October 16.

An update made by Singyes to the Hong Kong Stock Exchange a month ago indicated a crucial HK$1.55 billion (US$198 million) bail-out by Chinese state-owned entity Water Development (HK) Holding Co Ltd had gone through, completing a crucial part of the rescue strategy drawn up by the heavily indebted manufacturer.

Singyes still has to placate the holders of at least 75% of almost US$430 million of defaulted senior notes and convertible bonds by persuading them to delay settlement of their investments.

The company also announced this morning it would hold a board meeting on October 10 to present its first-half results.