In late October, Shanghai-based Chaori Solar’s creditors approved a restructuring plan under which GCL-Poly’s parent, Golden Concord Holdings, will team up with eight other investors to purchase 1.68 billion shares — a combined 66% stake — in the troubled company for 1.46bn yuan ($238.4m), GCL-Poly said in a statement to the Hong Kong stock exchange.
In March, Chaori Solar became the first company to default in China’s onshore bond market and is the first listed firm to enter bankruptcy and restructuring proceedings in Shanghai.
Jiangsu
