Embattled solar project developer and building-integrated PV manufacturer Singyes Solar this afternoon announced it wants to present its debt restructuring plans to creditors on November 25.
Singyes is attempting to persuade the holders of almost US$430 million of defaulted senior notes and convertible bonds to delay settlement so it can turn its fortunes around. A second crucial part of its rescue plan relates to a planned bail-out by the Chinese government, but an update on that HK$1.55 billion (US$198 million) takeover which was expected today, was this morning postponed.
The heavily indebted developer told the Hong Kong Stock Exchange this afternoon, it will apply to the Hong Kong High Court on October 29 and to the Supreme Court of Bermuda on October 30 to request permission to hold a creditors’ meeting on November 25. At the meeting, a reorganization proposing creditors delay settlement would be voted upon by investors including Deutsche Bank Hong Kong – which has filed a winding-up petition against Singyes over a disputed US$6.27 million debt, with the petition due to be heard in the Hong Kong High Court on October 16.
Singyes investors had been expecting an announcement today about the planned takeover by Beijing-owned Water Development (HK) Holding Co Ltd but this morning were advised the update would be postponed, also until October 16.
A month ago, Singyes issued a financial update listing details of the agenda that was considered at yesterday’s AGM. In that announcement, Water Development was listed as the holder of 202.26% of the company’s shares, hinting the planned acquisition of a 66.92% holding in an enlarged Singyes had already gone through.
Investors waiting for confirmation today were disappointed as Singyes told the Hong Kong Stock Exchange the takeover announcement had been held up by the need to include figures from the company’s overdue first-half update, which is expected to land on Thursday.
This article was amended on 04/10/19 to include the update from Singyes about its planned creditors’ meeting.