[ad_1]
After the contraction of the solar industry in China
Crisis spreads to national affiliates
Woongjin Energy, the only manufacturer of solar ingot chips in Korea,(914 0.00%)Clbadified for business rehabilitation procedures (court administration). It is the backbone of the contraction of the solar industry in China. It is also worrying that the entire solar PV sector is in crisis.
On April 24, Woongjin Energy requested the court's administration before the Seoul Rehabilitation Court. The corporate restructuring credit note announced by the Korean Development Bank (KDB) on December 20 was deemed unlikely to normalize the business.
The Seoul Rescue Court, which has received the petition, should make a comprehensive restraining order to prevent the collection of surety bonds and the transfer of arbitrary badets within one to two days if There is no reason to reject the request. After the audit, Woongjin Energy will decide if the regeneration process should begin within a month.
Woongjin Energy, a subsidiary of the Woongjin Group, is a company that produces ingots and wafers for the production of solar energy. Large companies such as LG, SK, Hansol and OCI have already carried out the same activities, but all have now withdrawn or gone bankrupt due to the low price of Chinese companies.
There is a sense of crisis in the national solar industry. Last year, Chinese companies Rongji and Zhonghan expanded their production facilities more than five times and the global solar energy market again entered the "chicken game". Platelet prices are at their lowest. The price of a single wafer, which was $ 1.22 in 2013, fell to 77 cents in 2017. By 2019, it had dropped to 40 cents, which is half of 2017.
Woongjin Energy also wants to influence the business adjustments of the Woongjin Group, which acquired Coway this year as it entered the regeneration process. The Woongjin Group bought 1.86 trillion won early in the year to acquire Coway and sell affiliates such as Woongjin Play City and Woongjin Bookstore. A Woongjin Group official said, "We have already lost Woongjin Energy's total stake in the first quarter." He added: "There is no risk to the holding company and its subsidiaries because of the application of the Woongjin Energy Company's rehabilitation procedure, since there is no debt for affiliated companies ".
Ⓒ HanKyung.com, unauthorized copy and redistribution prohibited
Source link
