GCL New Energy Holdings Limited and GCL-Poly Energy Holdings Limited in a joint statement said that they had received a go-ahead for restructuring from the holders of more than 75% of the outstanding principal amount of GCL’s $500m 7.1% senior bonds due January 30, 2021 as the deadline for the revised restructuring is today. The earlier Exchange Offer for its senior notes was terminated twice, as the company failed to gain enough support from bondholders. Now, the restructuring for the bonds will be implemented through the Bermuda Scheme, under which bondholders will receive $950 worth of new 3Y bonds paying a higher coupon of 10%, as well as $50 in cash plus accrued interest, for every $1,000 in principal. The company will redeem at least 15% of the bonds by January 30, 2022, and at least 35% in 2023 and shall make an offer to buyback the bonds below par if annual renewable energy subsidies exceed $200mn, or if it sells any of its solar power plants. Further, if the company succeeds in selling its power plants, then it must redeem bonds. If the sale proceeds are over $400mn, it must redeem bonds worth 15% of the proceeds over $400mn and if the sales proceeds are more than $800mn then it must use 65% of the amount above $800mn to redeem the bonds. The company also revealed that as part of the company’s “transformation and upgrade” development objective, the Group had reduced its liabilities by disposing its solar power plants and it had gained RMB 300mn ($46.45mn) for the year due to appreciation of the RMB against the dollar for its dollar denominated debt. GCL-Poly Group owns 58.94% of GCL New Energy.