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Hoku Hires Imperial Capital as Financial Adviser, Cuts Jobs

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May 22 (Bloomberg) -- Hoku cut 100 jobs at Pocatello plant, cut all jobs and ceased business operations at Tianwei Solar USA, the co. said in a statement. * Received addtl loan from China Merchant’s Bank secured by

cash collateralized letter of credit drawn by Hoku’s parent

company, Tianwei New Energy Holdings * Loan proceeds to “be used to fund working capital

requirements while we plan for a restructuring of our

liabilities, and the liabilities of our subsidiary Hoku

Materials,” CEO Scott Paul said in statement * Hoku Solar to continue to seek opportunities to sell

Tianwei’s modules in North America * Co preliminarily ests. it has cash $7.7m, other current

assets $6.7m, current liabilities $278.8m as of March 31 * HOKU down 65% YTD Link to statement: {NSN M4FZOM6MMXA8 <go>}

Link to Company News:{HOKU US <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story: Joanna Ossinger at +1-212-617-7789 or jossinger@bloomberg.net

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