Bail-out leaves Chinese solar developer needing to raise $62.5m by summer
The twice-postponed $230 million investment which will see Chinese state-owned Beijing Energy acquire a 32% stake in Hong Kong-listed developer Panda Green has finally gone through. The developer now has five months to drum up enough to pay off two more of its other three state-owned backers.
Panda Green taps shareholder for $11m, 18-week loan at 13%
The debt-saddled PV project developer appears to again be piling up credit lines as it awaits the outcome next week of its latest, $231 million Chinese state-backed bail-out.
Panda Green settles $350m notes with hours to spare
The debt-saddled developer now has to hope its latest, $230 million state bail-out goes ahead before summer or it will be left $260 million in hock to its Beijing-owned main shareholder.
Panda Green update: shareholder China Merchants shaken down for $260m
The debt-saddled developer has turned to another of its state-owned backers to dig it out of a hole as it scrambles to raise $242 million in eight days.
Panda Green showcases its full portfolio
The embattled developer today published what appears to be a sales pitch as it seeks urgent investors ahead of an eight-day debt deadline.
State-owned entity delays Panda Green bail-out in wake of debt restructure setback
Panda Green today said delays acquiring the necessary approvals were responsible for holding up its critical HK$1.79 billion lifeline but the deadline for completion had originally been put back to coincide with publication of the results of a debt restructuring proposal which ultimately tempted less than a third of note holders.
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.
Panda Green extends deadline for accepting debt restructuring proposal
The indebted developer has been forced to extend the period during which the holders of $350 million of senior notes can decide whether to delay settlement by two years.
Panda Green bids to postpone looming payment for $350m senior notes
The debt-saddled Chinese PV developer hopes the holders of notes due to mature next month will be persuaded to hold off settlement for two years as it awaits a shareholder vote related to its latest proposed injection of public funds.
Date set for Panda Green state bail-out vote
The Hong Kong-listed, Chinese state-owned solar developer is in a race against time to settle a US$350 million bond which is due to mature on January 25. The bail-out, which will be put to the vote on December 30, will leave the company a further US$125 million shy.
