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Further hitch in GCL-Poly annual results

Although shares resumed trading today in the GCL New Energy division of Chinese polysilicon maker GCL-Poly, the parent company announced a fresh delay to publication of its 2020 figures.

With GCL in cross default for RMB4.54 billion ($694 million) of borrowings following non-payment of $500 million of senior notes at the end of January, the company this morning announced its annual figures would again be held up, this time promising to publish the returns before Monday.

The GCL-Poly board meeting arranged to present the 2020 accounts has been scheduled for Sunday.

GCL said the extra time was “required for the company’s auditors to perform and complete its audit procedures in respect of the 2020 annual results.”

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GCL’s New Energy solar project business, in publishing its 2020 accounts on Friday, stated a debt restructuring plan which involves issuing replacement senior notes for the unpaid investments–a proposal backed by 91.85% of the note holders–would see the relevant documents submitted to the Court of Bermuda in the middle of this month.

The solar project development company said it aims to complete the debt restructure “by June.”

Trading in GCL-Poly stock on the Hong Kong exchange will remain suspended until publication of the annual results.

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Source: pv magazine