What’s new: One of the main units of Hanergy, a maker of equipment used to make solar power products, could get forcibly moved into bankruptcy following an outsider’s request.
A Beijing judge is reviewing the request from the person named Xiao Lei regarding Hanergy Mobile Energy, according to the application seen by Caixin that had a public release date of July 2. Xiao was not a Hanergy employee and may be one of the company’s creditors.
A lawyer familiar with the bankruptcy process estimated a judge is currently considering the case and deciding whether to accept or reject it.
What’s the background: Hanergy is a former new energy highflyer that has fallen on hard times in China’s highly competitive industry for solar panels and the equipment and materials used to make them.
In January, a company backed by Hanergy Mobile failed to repay a tranche of debt raised to finance a factory project in Northeast China’s Liaoning province. And in April Hanergy also failed to pay millions of dollars in fees it owed for patent applications.
Contact reporter Yang Ge (geyang@caixin.com)
