Chaori to Sell Solar Farms to Repay Bondholders After Default

Shanghai Chaori Solar Energy Science & Technology Co., the first Chinese company to default on corporate bonds onshore, plans to sell assets outside the country to raise cash and repay noteholders.

The manufacturer will seek buyers for solar farms in Greece, Bulgaria, Italy and the U.S., Vice President Liu Tielong said by phone today. Chinese banks that had previously agreed to provide 800 million yuan ($130.3 million ) in loans if the company faced a temporary cash squeeze “have no willingness to lend,” he said.