L R AS Published on Sunday 10 January 2021 - n° 345 - Categories:funding
GCL Poly Group fails to repay a loan
Subsidiary of highly leveraged polysilicon manufacturer GCL-Poly warned holders of $500 million in bonds
which mature on January 30, that it may not be able to repay them. The company proposes to replace the 7.1% bonds issued on the Hong Kong Stock Exchange three years ago with 9.75% bonds on the Singapore Stock Exchange, which would mature within three years.
https://www.pv-magazine.com/2021/01/05/gcl-concern-over-senior-notes-due-january-30/
PV Magazine of 5 January 2021
Editor's note This issuer is trying to save time, but will increase its already substantial financial expenses. It is also playing with fire because the regulations in Hong Kong are "Chinese", whereas those in Singapore will be ruthless if the company defaults in three years time!
