29.10.2013: The insolvency administrator of Germany-based SiC Processing GmbH, which recycles slurry from the PV and semiconductor industries, and its Chinese subsidiary, SiC Processing (Baoding) Ltd., plan to sue various subsidiaries of Chinese solar manufacturer Yingli Green Energy Holding Co. Ltd. to enforce outstanding debts and bring contractual compensation claims for short deliveries, according to the company's insolvency manager, Christopher Seagon. Seagon alleges that the Yingli subsidiaries have failed to pay what they owe SiC Processing's Chinese subsidiary and that Yingli has failed to meet its long-term contractual obligations. Payments totaling more than €5 million ($6.9 million) are allegedly more that 300 days overdue. Yingli's breaches of contract, Seagon says, were the primary cause for SiC's insolvency. SiC Processing GmbH owes its bondholders alone €87 million ($120 million). Seagon says that if the Yingli subsidiaries do not pay their debts soon, SiC Processing (Baoding) will have to shut down its Chinese subsidiary and lay off its roughly 180 employees there. SiC Processing filed for insolvency in early December |
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