China's GCL New Energy gets court nod for creditors meeting

Troubled Chinese solar plants operator GCL New Energy Holdings Ltd (HKG:0451), or GNE, has received court approval to convene a meeting on June 4 for its creditors to vote on the approval of its debt restructuring scheme.

The approval came from a court in Bermuda, where GNE is registered. Assuming that the creditors clear the move, a final hearing before the Bermuda Court will take place on June 11 to sanction the scheme.

The company, which is controlled by Chinese polysilicon maker GCL-Poly Energy Holdings Ltd (HKG:3800), defaulted on USD 500 million (EUR 414m) worth of 7.1% senior notes on January 30, 2021.

(USD 1.0 = EUR 0.829)

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