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Hanergy seeks trading resumption as parent pays down overdue cash
March 31, 2017 / 6:32 AM / 8 months ago

Hanergy seeks trading resumption as parent pays down overdue cash

HONG KONG, March 31 (Reuters) - Hanergy Thin Film Power Group, the solar panel maker being investigated by Hong Kong’s securities regulator, said its parent had paid down some overdue debt, part of a push to end an almost two-year share trading suspension.

Parent Hanergy Holding paid 1.5 billion yuan ($218 million) in overdue trade receivables on March 10, reducing the overdue amount owed to about HK$3.2 billion ($412 million), Hanergy said in a securities filing late on Thursday.

Founder and former Chairman Li Hejun also signed a “deed of guarantee” committing to pay the remainder of the funds over a period of two years after shares in Hanergy resume trading. Li pledged 1.4 billion Hanergy shares as collateral on the payment agreement. (Reporting by Elzio Barreto; Editing by Edwina Gibbs)

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