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.
The construction group, which indirectly owns 67% of the solar developer will pay the funds to complete the $98m sale of two 50 MW solar farms in China to a third-party soon to also be controlled by Shuifa.
There was unanimous approval at a vote on the debt reorganization plan put before creditors in Hong Kong today and now it remains only for the scheme to be rubber-stamped in the territory – and in Bermuda – before the task of rebuilding the soon-to-be-state-owned business can begin.
The margin of support for the proposed $198 million takeover by a Beijing entity came as no surprise and the deal now hinges on the holders of $430 million of defaulted debts supporting a delayed settlement of their claims. First up, though, is a date with a winding-up petition on Monday.
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