China Huaneng to acquire 294 MW of GCL New Energy projects
The state-owned electric utility is preparing to acquire seven project companies in China, generating $156 million for the developer and removing a further $385 million of liabilities from its books.
Panda Green’s hopes of postponing debt are dashed
The heavily-indebted, Chinese state-owned solar project developer now has ten days to rustle up $242 million after a debt restructuring proposal was accepted by less than a third of its creditors.
State-owned China Huaneng still running the rule over which GCL assets to cherry-pick
The Beijing-owned electric utility is still carrying out due diligence of solar project assets in the GCL New Energy portfolio, having walked away from a full state bail-out of the GCL business last month.
Panda Green shareholders to vote on latest $225m state bail-out plan
It is back to the meeting room for beleaguered shareholders in the debt-saddled solar project developer, ahead of a proposed shares purchase by a Chinese coal and real estate company.
State-owned Panda Green set to bank more public funds
The heavily indebted solar project developer has revealed the state-backed element of two trailed fire sales of 636 MW of solar and wind project portfolios in China. The divestments will generate up to RMB450 million for the company while recognizing RMB200 million in losses on its investments.
Singyes wants creditors to vote on debt reorganization in November
The solar developer today announced it will seek permission from the relevant legal authorities in Bermuda – the low-tax haven where it is registered – and Hong Kong, where it is listed, to hold a meeting to present creditors with a rescue plan they can vote on.
Singyes winding-up petition is put back
Deutsche Bank’s attempt to shut down the Chinese solar developer and BIPV maker, due to be heard this morning, has been adjourned for two weeks.
China Power’s Hong Kong business on track for return to China
The High Court has approved plans for the Chinese state-owned power company to reassume control of its Hong Kong-listed solar project development business.
Embattled Singyes Solar outlines debt restructuring plan
The project developer and BIPV maker wants creditors to agree to postpone settlement of their debts for three years and will offer a financial incentive – provided a proposed Chinese state-backed bailout is voted through by its shareholders.
Shareholder dissent clouds boardroom appointments at GCL-Poly
There was significant opposition to the re-appointment of three executives at today’s AGM, suggesting unease at a strategy that involves loading ever more debt onto the manufacturer as it bids to rapidly outgrow its rivals in terms of production capacity.
