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GCL

New accountant to probe whether GCL project payment was between ‘related parties’

The near-$80 million handed over to a contractor in 2019, of which around $2.3 million was retained by the recipient, is now being investigated by an independent accountant. Meanwhile, GCL’s shares remain suspended because the payment issue is holding up its 2020 accounts.

GCL nears resolution of its $500m senior notes headache

The Chinese poly maker expects to sign off a debt reorganization plan in Bermuda next month and has announced its latest $102 million solar project sell-off.

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GCL confirms thumping annual loss for 2020

The polysilicon maker lurched from a $17m profit in 2019 to a $960 million loss last year, according to an unaudited extract from its overdue annual figures. Publication is being held up by an auditor enquiry relating to a $71m abandoned-production-project pre-payment which appears to be either owed by, or to, a GCL subsidiary.

GCL auditor raises issue with accounts

Trading in the Hong Kong-listed company stock, which was supposed to resume this morning following publication of the overdue 2020 figures, remains suspended.

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.

More project sales ahead as defaulting GCL awaits debt restructure

The company is in cross-default for $679 million, triggered by the non-payment of $500 million of senior notes at the end of January. The polysilicon maker hopes to straighten that matter out with a debt restructure ‘by June.’

Chinese PV Industry Brief: Longi continues construction of ingot fab as GCL finds a buyer for six PV farms

Longi has started construction of its 10 GW ingot factory in Yunnan, CLYPG signed PV project contracts for up to 32.6 GW in 2020 and GCL has agreed to sell PV parks with a combined capacity of 321 MW. Polysilicon prices, meanwhile, continue to rise while those of solar glass are falling.

GCL eyeing near-800 MW solar project sell-off to state-owned Three Gorges

The polysilicon maker and solar developer saw its shares suspended from trading this morning after missing the deadline to publish its annual report but has been busy with more planned PV project sales.

GCL prepares the decks to announce thumping losses

The board’s explanation for an anticipated $900 million hit in 2020, following a profit a year earlier? ‘The figures for 2019 were deceptive.’

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GCL-Poly continues to ramp production capacity commitments

The poly maker is making significant investment pledges into new production lines in Sichuan and Inner Mongolia.

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