Bloomberg News

Hoku Hires Imperial Capital as Financial Adviser, Cuts Jobs

May 22, 2012

Hoku cut 100 jobs at Pocatello plant, cut all jobs and ceased business operations at Tianwei Solar USA, the co. said in a statement.<ul><li>Received addtl loan from China Merchant’s Bank secured by cash collateralized letter of credit drawn by Hoku’s parent company, Tianwei New Energy Holdings</li> <li>Loan proceeds to “be used to fund working capital requirements while we plan for a restructuring of our liabilities, and the liabilities of our subsidiary Hoku Materials,” CEO Scott Paul said in statement</li> <li>Hoku Solar to continue to seek opportunities to sell Tianwei’s modules in North America</li> <li>Co preliminarily ests. it has cash $7.7m, other current assets $6.7m, current liabilities $278.8m as of March 31</li> <li>HOKU down 65% YTD</li> </ul>Link to statement: {NSN M4FZOM6MMXA8 <go>}

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To contact the editor responsible for this story: Joanna Ossinger at +1-212-617-7789 or jossinger@bloomberg.net


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