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.
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.
The proposed acquisition of a controlling stake in the heavily-indebted PV project business of solar manufacturer GCL-Poly has fallen through, with state-owned China Hua Neng now proposing to cherry-pick the more attractive assets from the unit’s 7 GW portfolio.
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.
The PV project developer and BIPV manufacturer has seen a glowing set of first-half figures published last year become a nightmare of lost income, debt defaults and frozen bank deposits. All eyes now turn to the business’ high court date on Wednesday.
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