The solar manufacturer and project developer appears to have secured a crucial rescue package funded by Chinese state-backed Water Development (HK) and has persuaded the holders of most of its $430 million in defaulted debt to accept a restructuring plan. Next up, the Hong Kong High Court.
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.
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