Singyes drops CB plans after bond default

The Chinese solar panel manufacturer has slipped into further trouble after it was forced to abandon plans to raise fresh capital from a convertible bond sale.
The Chinese government is phasing out subsidies for the solar sector.
The Chinese government is phasing out subsidies for the solar sector.

China Singyes Solar Technologies has fallen into deeper financial trouble. The solar panel manufacturer said on Thursday that its plans to issue convertible bonds had lapsed following a default on its existing liabilities.

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