Bail-out leaves Chinese solar developer needing to raise $62.5m by summer
The twice-postponed $230 million investment which will see Chinese state-owned Beijing Energy acquire a 32% stake in Hong Kong-listed developer Panda Green has finally gone through. The developer now has five months to drum up enough to pay off two more of its other three state-owned backers.
Panda Green taps shareholder for $11m, 18-week loan at 13%
The debt-saddled PV project developer appears to again be piling up credit lines as it awaits the outcome next week of its latest, $231 million Chinese state-backed bail-out.
Panda Green settles $350m notes with hours to spare
The debt-saddled developer now has to hope its latest, $230 million state bail-out goes ahead before summer or it will be left $260 million in hock to its Beijing-owned main shareholder.
Panda Green update: shareholder China Merchants shaken down for $260m
The debt-saddled developer has turned to another of its state-owned backers to dig it out of a hole as it scrambles to raise $242 million in eight days.
State-owned entity delays Panda Green bail-out in wake of debt restructure setback
Panda Green today said delays acquiring the necessary approvals were responsible for holding up its critical HK$1.79 billion lifeline but the deadline for completion had originally been put back to coincide with publication of the results of a debt restructuring proposal which ultimately tempted less than a third of note holders.
State-owned Panda Green set to open new credit lines
The debt-saddled developer has announced it is now almost 63% owned by Chinese state entities and is seeking to refinance its debt pile with new long-term arrangements, take on fresh debt and issue more shares.
Debt-saddled Panda Green and Singyes wait on Chinese state-backed bailouts
With Singyes having already announced a plan to receive a cash injection and restructure its debt, fellow Hong Kong listed solar developer Panda Green today announced plans for a Beijing coal power company to ride to its rescue.
