The scandal-hit Hong Kong-based solar manufacturer has had trading in its shares suspended for six years but white knight investor Cheung Shun Lee is hoping to get it back into operation.
The business will come under the control of its Chinese state-owned parent power company after a shareholder vote agreed the move earlier this month.
The project developer and BIPV maker wants creditors to agree to postpone settlement of their debts for three years and will offer a financial incentive – provided a proposed Chinese state-backed bailout is voted through by its shareholders.
The Hong Kong listed developer is set to bank just south of $1.75 million from a Chinese state-backed partial stake sale in two PV projects, but will have to cut an awful lot more deals of that scale to keep creditors at bay.
Stockholders in the Guangdong-based business – one the highest profile victims of Beijing’s 5/31 policy about-turn to date – were yesterday due to learn when a crucial vote on a state-sponsored Chinese bail-out of the company will take place. Publication has now been postponed until August.
The polysilicon giant’s Jiangsu Zhongneng unit invested $196 million into a $487 million fund alongside public partners to promote clean energy manufacturing in the Chinese city. A stake sale in the Xinjiang GCL subsidiary, if approved by shareholders, will more than recoup the group’s outlay.
The state-owned power conglomerate is ready to spend more than $370 million on taking its project business out of the public eye.
Company stock diluted more than 8% to generate gross proceeds of $87 million as the company continues its policy of expansion at a breakneck rate.
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.