Chinese state bail-out

The bailed-out Hong Kong-listed PV developer has warned its remaining independent shareholders of a thumping net loss for 2019 as it prepares to reveal its final results at the end of the month.

The Chinese manufacturer had not updated its English-speaking investors since October and now appears set to have its chief Chinese operations taken over by creditors.

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.

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.

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.

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.

The embattled developer today published what appears to be a sales pitch as it seeks urgent investors ahead of an eight-day debt deadline.

The heavily-indebted, Chinese state-owned solar project developer now has ten days to rustle up $242 million after a debt restructuring proposal was accepted by less than a third of its creditors.

The solar developer today announced it will seek permission from the relevant legal authorities in Bermuda – the low-tax haven where it is registered – and Hong Kong, where it is listed, to hold a meeting to present creditors with a rescue plan they can vote on.

Deutsche Bank’s attempt to shut down the Chinese solar developer and BIPV maker, due to be heard this morning, has been adjourned for two weeks.