Singyes winding-up petition adjourned until November

The latest date for hearing the petition will fall just four days after shareholders vote on a proposed Chinese state-backed HK$1.55 billion bail-out of the business.

Struggling solar project developer and building-integrated PV manufacturer Singyes Solar this afternoon reported its court date to dispute a winding-up petition has been adjourned again.

Singyes is facing an attempt by the Hong Kong branch of Deutsche Bank to wind up the business over a disputed US$6.27 million debt.

The Chinese solar company was originally due at the Hong Kong High Court to contest the petition on October 2 but the case was adjourned until yesterday and then again postponed, this time until November 4.

That court date is now due to fall four days after a shareholder vote on whether to approve a planned HK$1.55 billion (US$198 million) bail-out of the company by Chinese state-backed entity Water Development (HK) Holding Co Ltd.

If that proposed takeover is approved, Singyes will head to the High Court ahead of a hoped-for creditors’ meeting on November 25 in which the company will attempt to complete its rescue plan by persuading the holders of almost US$430 million of defaulted senior notes and convertible bonds to accept a delayed repayment plan.

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