Phoenix Solar advised that it had recently amended its restructuring plan, including its business development plan for the next few years, due to cuts in FiTs for solar power in several of its key markets. Due to the changes, the financial negotiations have been put on hold and the moratorium that was agreed to with the syndicate banks and other bilateral lenders and guarantors, including trade credit insurers, was extended at the end of last month to allow financing negotiations to continue.
The company advised that due to its amendments, it has postponed the release of its financial report and annual 2011 report. Additionally, its Q1 2012 report, which was slated for release on May 10, has also been deferred to a later date, which has not yet been determined.
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