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Covid-19 disruption leaves indebted Chinese manufacturer in limbo

Debt-saddled GCL-Poly’s attempts to renegotiate $809 million of defaulted borrowings have been held up because of the coronavirus crisis unfolding in Europe, where one lender is based. Shareholders are due to vote tomorrow on a project sale which could generate $153 million of benefits.

China walks away from state bail-out of GCL solar project business

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.


Embattled Singyes Solar outlines debt restructuring plan

The project developer and BIPV maker wants creditors to agree to postpone settlement of their debts for three years and will offer a financial incentive – provided a proposed Chinese state-backed bailout is voted through by its shareholders.

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