Chinese polysilicon manufacturer GCL-Poly hopes to rubber stamp the reorganization of US$500 million of defaulted senior notes on Friday after its creditors officially approved the plan at the weekend.
A meeting held in Bermuda, where the manufacturer is registered as a business, was attended by representatives of investors holding more than 92% of the value of the notes on Friday. The investors approved the scheme with only one dissenting voice, from a stakeholder who holds less than $214,000 of the finance instruments.
The creditors have agreed to accept a payment of US$50 for every US$1,000 of notes they hold, plus a pro rata share of a US$17.8 million fund plus the issuance of new notes of the same value of the original but which offer a higher, 10% return and which will mature on January 30, 2024. Under the terms of the proposed debt restructure, GCL has set aside US$4.5 million to pay the fees of Houlihan Lokey, Hogan Lovells and Moorlander Consulting Limited, which is representing certain creditors.
The restructure is now due to be decided upon by the Supreme Court of Bermuda on Friday.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.