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.
