Chaori Solar closes Shanghai plant as de-listing looms

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Bankrupt PV module manufacturer Shanghai Chaori Solar has stopped production at its Shanghai headquarters as customers cancel orders and it struggles to generate cash flow.

The company was the first in China to default on a bond and has posted two years of losses, with the result that its shares and bonds are expected to be de-listed on the Shenzhen Stock Market when it issues 2013 annual report at the end of April. The company has already warned about expected losses for last year and de-listing.

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The company noted that it was collaborating with other firms to keep several other plants open, including four solar cell production lines (Jiujiang) with Dragon Optical, and was seeking similar arrangements for its Shanghai production lines.

Suppliers to Chaori Solar have already filed bankruptcy proceedings against the company, although court proceedings have yet to start. 

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