Pursuits
GCL-Poly Approves Plan for 30% of Struggling Chaori Solar
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GCL-Poly Energy Holdings Ltd., the world’s biggest maker of silicon used in solar devices, approved a plan for its parent and eight other investors to bail out struggling panels maker Shanghai Chaori Solar Energy Science & Technology Co.
Golden Concord Holdings Ltd., the parent of GCL-Poly, and the investors will buy a combined 66 percent stake in Chaori Solar, or 1.68 billion shares, for 1.46 billion yuan ($240 million) under a restructuring proposal, GCL-Poly said today in a statement after its board approved the plan.