29 Feb '16, 12pm

Parent company owes Hanergy Thin Film over US$630 million

Hanergy TF said in a financial statement that its parent company Hanergy Holdings and other affiliates, owed the company more that US$630 million from past transactions of which around US$334 million was overdue. Distressed PV thin-film producer Hanergy Thin Film has finally issued a profit warning and business update that reveals the extent of the dependence on its parent company and its dire financial position. Hanergy TF said in a financial statement that its parent company Hanergy Holdings and other affiliates owed the company more that US$630 million from past transactions of which around US$334 million was overdue. Revenue in 2015 from connected transactions with Hanergy Holdings and other affiliates was said to have only amounted to around US$25.7 million in 2015, down 96% from around US$766 million in 2014. The company also noted that its parent company had planned...

Full article: http://www.pv-tech.org/news/parent-company-owes-hanergy-t...

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