Changshu Fengfan Power Equipment (SHA:601700) said its Cambodian client, Solar Long, proposed to restructure its $42.4 million debt owed to the electric tower manufacturer.
Solar Long will transfer industrial real estate in Cambodia valued at $24 million and inventory valued at $5.7 million to offset $29.7 million of the debt, according to a Jan. 4 filing with the Shanghai bourse.
The restructuring will reduce Changshu Fengfan Power Equipment's accounts receivable by $29.7 million and reverse $1.5 million in bad debt provisions.
The company said it will actively recover the remaining debt of $12.8 million.
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