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debt restructuring

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.

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.

GCL-Poly shareholders sign up to debt restructuring plan

The holders of $500 million of unpaid senior notes which matured last month have agreed to receive 5% of the money now, plus a share of a $17.8 million fund, with the balance to be paid out in three years’ time.

GCL concern over senior notes due January 30

Investors sitting on three-year notes worth $500 million have been asked to postpone settlement for another three years and to sign away their rights to oppose the debt restructure plan which would be needed if the company defaults on the commitment, triggering a cross default.

Court appoints administrators to oversee Yingli restructure

The Chinese solar panel making division of the debt-saddled company appears likely to be broken up after admitting creditors will take controlling stakes in its business units following the successful petition of a court in Hebei province.

Yingli finally opens up on debt restructuring

The Chinese manufacturer had not updated its English-speaking investors since October and now appears set to have its chief Chinese operations taken over by creditors.

Singyes set for name change

Now Chinese state-owned, the developer appears to want to draw a line under a traumatic two-year period which saw its fortunes reversed in dramatic fashion. Effectively now part of China’s Shuifa construction conglomerate, the proposed new name is intended to reflect the fact.

Yingli in talks with creditors over break up

The Chinese solar manufacturer today admitted it is in talks with its lenders and strategic investors about a break up of the company after its 2018 annual accounts revealed an apparently unserviceable debt pile. Any strategic investor is likely to constitute a Chinese state-backed bail-out.

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Singyes winding-up petition adjourned until November

The latest date for hearing the petition will fall just four days after shareholders vote on a proposed Chinese state-backed HK$1.55 billion bail-out of the business.

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Singyes state bail-out vote at end of the month

Shareholders in the heavily-indebted solar project EPC and building-integrated PV manufacturer will vote on the last day of the month on the proposed takeover of the business by a Chinese state-backed entity. No news has emerged of a winding-up order due to be heard yesterday.

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