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.
Panda Green writes off another $5.6m
The debt saddled renewables project developer has signed off on the sale of two wind farms in Shanxi at a loss of RMB40 million on investment. The sale will contribute up to RMB251.5 million to help pay off the parent company’s debts.
GCL-Poly making polysilicon at a loss as it piles up $3.36bn more in liabilities than assets
With the company’s up-for-sale project development business revealing extensive debt concerns yesterday morning, that revelation is only half the story.
GCL enters another expensive sale-and-leaseback deal
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.
