The planned disposal of greater than a 3rd regarding the Chinese company that is solar project portfolio would simply simply take a substantial amount away from its debt hill but trading in business stock had been halted today, pending an statement with regards to the task purchase. Shunfeng sold down German PV project business that is monitoring to another procedure owned by its primary shareholder at the conclusion of this past year. <\/p>\n
Chinese solar business Shunfeng Overseas Clean Energy announced a halt in trading in its stocks this early morning, pending a statement associated with a fire sale of approximately 540 MW of the solar task ability. <\/p>\n
The business has received a busy period from it since our final enhance in-may just last year whenever the degree of the financial obligation mountain ended up being revealed with its full-year numbers for 2018. <\/p>\n
Ever since then, a proposed sale of their Jiangsu Shunfeng Photovoltaic tech Co Ltd to a small business owned by Shunfeng shareholder that is major Kin Ming has helped relieve some issues and also the business now is designed to downer down 11 of the Chinese solar task organizations to make benefits well well worth another RMB1.63 billion (US$232 million). <\/p>\n
The purchase of Jiangsu Shunfeng to your Asia Pacific Resources Development Investment Ltd company owned by Chen Kin Ming in raised an immediate RMB200 million to pay off RMB24.7 million debts owed by Shunfeng to Shanghai Dazong Financial Leasing Co Ltd, COSCO Shipping Leasing Co Ltd and Cinda Financial Leasing Co Ltd and also paid other debt interest of RMB110 million as well as settling payables worth around RMB65.7 million december. <\/p>\n
The Jiangsu Shunfeng purchase \u2013 which included the transfer of German solar project monitoring company meteocontrol GmbH and PV plant management unit Solarstrom AG plus the Wuxi Suntech brand name to Asia Pacific Resources \u2013 additionally saw the customer simply simply simply take on responsibility of HK$1.2 billion (US$154 million) regarding the HK$2.5 billion owed by Shunfeng to Sino Alliance and saw the Peace Link business additionally owned by Cheng Kin Ming surrender liberties to HK$1.95 billion owed it by Shunfeng under a bond issuance that is convertible. The offer additionally saw Asia Pacific hand over RMB1.75 billion Shunfeng owed into the subsidiary it had been attempting to sell so your cash could then be handed down to Jiangsu Shunfeng. <\/p>\n