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China Merchants New Energy Group Ltd

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.

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Panda Green bids to postpone looming payment for $350m senior notes

The debt-saddled Chinese PV developer hopes the holders of notes due to mature next month will be persuaded to hold off settlement for two years as it awaits a shareholder vote related to its latest proposed injection of public funds.

Date set for Panda Green state bail-out vote

The Hong Kong-listed, Chinese state-owned solar developer is in a race against time to settle a US$350 million bond which is due to mature on January 25. The bail-out, which will be put to the vote on December 30, will leave the company a further US$125 million shy.

Panda Green shareholders to vote on latest $225m state bail-out plan

It is back to the meeting room for beleaguered shareholders in the debt-saddled solar project developer, ahead of a proposed shares purchase by a Chinese coal and real estate company.

State-owned lenders will stump up cash to bail out developer Panda Green

With a $3bn debt pile, gearing of 73.1% and $127m due for repayment in around three months’ time, the directors of the former United PV Group want shareholders to dilute their investment by issuing shares worth more than 40% of an enlarged company, with a chunk of the proceeds coming from public funds.

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