Water Development (HK) Holding Co Ltd

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.

The solar manufacturer and project developer appears to have secured a crucial rescue package funded by Chinese state-backed Water Development (HK) and has persuaded the holders of most of its $430 million in defaulted debt to accept a restructuring plan. Next up, the Hong Kong High Court.

The embattled solar manufacturer – which is facing a winding-up petition lodged by Deutsche Bank Hong Kong – says it failed to publish the six-month update by the weekend because of a delay in producing its annual results for last year.

The collapse in business for the solar EPC provider after last year’s 5/31 policy announcement by Beijing has left the company’s future depending on the progress of a Chinese state bail-out. Provided that is, the business does not end up being wound up by Deutsche Bank first.

With Singyes having already announced a plan to receive a cash injection and restructure its debt, fellow Hong Kong listed solar developer Panda Green today announced plans for a Beijing coal power company to ride to its rescue.

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.

Stockholders in the Guangdong-based business – one the highest profile victims of Beijing’s 5/31 policy about-turn to date – were yesterday due to learn when a crucial vote on a state-sponsored Chinese bail-out of the company will take place. Publication has now been postponed until August.