China Singyes Solar Technologies has fallen into deeper financial trouble. The solar panel manufacturer said on Thursday that its plans to issue convertible bonds had lapsed following a default on its existing liabilities.
The company announced plans in October to sell HK$230 million $29.3 million of convertible bonds to refinance its existing debt. But the proposal was dropped on Thursday after it failed to meet certain conditions, including maintaining at least $80 million of cash at the time of the issuance.
Singyes’ financial troubles were revealed in October when it defaulted on its $160 million 6.75% senior notes. On Thursday, the company...
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