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  • harsport1967 harsport1967 Sep 25, 2012 8:08 AM Flag

    Bankruptcy Averted

    Out this morning on Bloomberg. This could be huge:

    "China Development Bank Corp. renewed its pledge of credit support for the nation’s largest solar companies amid a global supply glut and anti-dumping complaints in the U.S. and Europe.
    The lender has completed its recommendations on further strengthening financial support for the sector with priority given to 12 companies, the official China Securities Journal reported today, citing an unidentified person.
    The recommendations, which reaffirm lending targets set earlier this year for the solar sector, ensure credit quotas for the 12, which are the industry’s largest and most advanced including Suntech Power Holdings Co. (STP), Trina Solar Ltd. (TSL) and Yingli Solar Co., the newspaper said.
    China Development Bank, which lends to support state policies, will soon submit the recommendations to the National Development and Reform Commission for approval, the newspaper said, citing the person.
    Feng Qihua, a spokeswoman for China Development Bank in Beijing, wasn’t immediately available to comment when contacted by telephone."

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