Energy
Solarfun Renegotiates Hoku Payments (SOLF, HOKU)
Published:
Last Updated:
A US-based subsidiary of Hoku Scientific, Inc. (NASDAQ:HOKU) and a Hong Kong-based subsidiary of Solarfun Power Holdings Co., Ltd. (NASDAQ:SOLF) have renegotiated a polysilicon supply contract between Hoku and Solarfun. The renegotiation affects only the timing of payments and deliveries, not the price, volume or other material items in the agreement.
Under the new deal, Solarfun will avoid an $18 million payment to Hoku due today and an additional $5 million due on March 31, 2010. Instead, Solarfun will pay the $18 million in installments: $5 million today, $8 million in July, $1 million in August, $1 million in September, and $3 million in October. The $5 million payment due next March has been brought forward to January 2010.
In exchange for the restructured payments, Solarfun agreed to extend the shipping date for polysilicon from September 2009 to March 2010. Hoku gains the goodwill of the Chinese government, at no cost and little risk. A little something for everybody.
Both Solarfun and Hoku shares are up marginally this morning on thin trading volume.
Paul Ausick
March 31, 2009
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
