Struggling solar PV thin-film firm Hanergy Thin Film Power Group said its parent company Hanergy Holding Group had proposed a deferred payment deal on overdue debts totalling US$360 million and interest penalty payments that topped US$25 million at the end of 2015.
Hanergy Thin Film noted in a financial filing to the Hong Kong Stock Exchange that it finally received a letter from Hanergy Group wanting to defer payments and interest penalties. Hanergy Thin Film did not disclose details of the letter regarding the deferred payment proposal.
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Hanergy Thin Film said that no formal agreement had been made and that an agreement may also not be entered into as a final say via independent shareholders at the special general meeting. However, the major shareholder is Hanergy Group chairman, Li Hejun.
The deferred payment proposal continues to highlight long-standing doubts over privately held Hanergy Holding Group’s revenue and profit generation.
Hanergy Thin Film recently claimed that had increased revenue by around 50% and returned a profit for the first half of 2016, compared to the prior year period.