L R AS Published on Monday 1 February 2021 - n° 348 - Categories:funding
China's GCL is drowning in debt
The silicon manufacturer GCL was forced to repay its financial debts
500 million on Saturday, January 30. The company has proposed to its creditors to convert the maturing bonds into new ones with a higher interest rate and a three-year maturity. Failure to convert would result in the company being in default. It also has debts maturing at the end of June 2021 for an amount of
https://www.pv-magazine.com/2021/01/27/gcl-on-verge-of-cross-default-over-500m-senior-notes/
PV Magazine of 27 January
Editor's note Given the company's importance in the market and its image abroad, the authorities will oblige lenders to convert their debts to euros.
