China Singyes Solar seeks to restructure offshore debt

Chinese currency. Author: faungg's photos. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

August 9 (Renewables Now) - China Singyes Solar Technologies Holdings Ltd (HKG:0750) defaulted on a bond this week and said it will seek to restructure offshore debt securities.

The solar power plant builder and operator announced an event of default concerning its CNY 930 million (USD 132m/EUR 118m) 5% convertible bonds due August 8, with an outstanding amount of CNY 96 million. Previously, the company has defaulted on USD 160 million 6.75% senior notes due 2018.

Singyes Solar is looking to enter into a restructuring support agreement with outstanding bondholders, for which talks are in progress.

The company has already delayed the publishing of its 2018 financial report because of discussions related to offshore debt restructuring. It said today it expects to publish the annual results on or before August 16. Its report for the first half of 2019, meanwhile, can be expected in mid-October.

(CNY 10 = USD 1.42/EUR 1.27)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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