Chaori Solar Stops Headquarters Plant, Seeking PartnersEhren Goossens
Shanghai Chaori Solar Energy Science & Technology Co., the first Chinese company to default on corporate bonds in its home market, halted work at its headquarters plant and is looking for new business partners.
It’s not certain when the plant will resume production, the Shanghai-based maker of solar panels and components said in a Shenzhen Stock Exchange filing yesterday. Other plants in Jiangxi and Henan provinces remain in operation.
Chaori said that the shutdown will negatively affect cash flow and profit. The company has fallen 19 percent since a bondholder submitted a petition April 3 in China to force it into bankruptcy.