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.
With the company’s up-for-sale project development business revealing extensive debt concerns yesterday morning, that revelation is only half the story.
The heavily indebted poly manufacturer and project developer will receive an immediate $50 million fillip from the sale of an 80 MW solar project but will then have to pay back $76 million over ten years.
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