GCL shareholders to vote on further 670 MW of project sales
Shareholders will vote on whether to approve the sale of ten solar farms to generate $320 million towards paying down its heavy debt pile.
New accountant to probe whether GCL project payment was between ‘related parties’
The near-$80 million handed over to a contractor in 2019, of which around $2.3 million was retained by the recipient, is now being investigated by an independent accountant. Meanwhile, GCL’s shares remain suspended because the payment issue is holding up its 2020 accounts.
GCL nears resolution of its $500m senior notes headache
The Chinese poly maker expects to sign off a debt reorganization plan in Bermuda next month and has announced its latest $102 million solar project sell-off.
GCL confirms thumping annual loss for 2020
The polysilicon maker lurched from a $17m profit in 2019 to a $960 million loss last year, according to an unaudited extract from its overdue annual figures. Publication is being held up by an auditor enquiry relating to a $71m abandoned-production-project pre-payment which appears to be either owed by, or to, a GCL subsidiary.
Further hitch in GCL-Poly annual results
The poly making parent company says it needs extra time to finalize its 2020 figures so trading in the stock appears likely to remain suspended for the rest of the week. GCL is due to complete the paperwork related to a proposed debt restructure this month.
More project sales ahead as defaulting GCL awaits debt restructure
The company is in cross-default for $679 million, triggered by the non-payment of $500 million of senior notes at the end of January. The polysilicon maker hopes to straighten that matter out with a debt restructure ‘by June.’
GCL prepares the decks to announce thumping losses
The board’s explanation for an anticipated $900 million hit in 2020, following a profit a year earlier? ‘The figures for 2019 were deceptive.’
GCL-Poly continues to ramp production capacity commitments
The poly maker is making significant investment pledges into new production lines in Sichuan and Inner Mongolia.
GCL-Poly dilutes holding in developer business to raise funds
The poly maker yesterday secured approval from unpaid creditors to restructure the company’s debts and will commit the anticipated $115 million windfall from its shares placement towards its financial commitments.
Chinese PV Industry Brief: China could add 65 GW of solar this year as Longi order gives GCL-Poly a much-needed lift
State-owned power company SPIC is all set to contribute to the figures after announcing it wants to add 15 GW of renewables capacity during 2021 and China Glass, fresh from rebuffing Xinyi Glass’ takeover offer, is on the hunt for more manufacturing facilities.
