Sky Solar receives order that freezes assets, appoints receivers

By Taylor Fox

New York, Aug. 3 – Sky Solar Holdings, Ltd. was issued an order by the Grand Court of the Cayman Islands, sought by Hudson Solar Cayman LP, that freezes certain assets and appoints three receivers to manage the affairs of the company’s wholly owned subsidiary Sky Solar Power, Ltd., according to a news release.

The receivers have been instructed to protect the value of Sky Solar and prevent any diminution in its value, including by granting security over its assets. They have also been granted various powers to implement these instructions.

The order also prohibits Sky Solar from taking any steps in relation to the term loan facility, as contemplated in the unsolicited tender offer of Square Acquisition Co., Square Ltd., Japan NK Investment K.K., IDG-Accel China Capital LP, IDG-Accel China Capital Investors LP, Jolmo Solar Capital Ltd., CES Holding Ltd., Jing Kang, Bin Shi, Sino-Century HX Investments Ltd., Kai Ding, TCL Transportation Holdings Ltd., Esteem Venture Investment Ltd., Mamaya Investments Ltd., Xanadu Investment Ltd. (H.K.), Abdullateef A. AL-Tammar, Development Holding Co. Ltd. and Bjoern Ludvig Ulfsson Nilsson as filed with the U.S. Securities and Exchange Commission on July 6.

The order does not prohibit the Sky Solar from dealing with or disposing of its assets in the ordinary course of its business or with prior approval of either the receivers or the Cayman Islands Court.

The order was issued on July 30, following an ex parte proceeding in which Sky Solar was not permitted to appear.

Hudson sought the order in connection with the ongoing litigation between it and the Sky Solar in the Supreme Court of the State of New York with respect to the amended and restated note purchase agreement from July 15, 2016 between Hudson and certain of the Sky Solar’s subsidiaries. Sky Solar said it is “vigorously contesting” Hudson’s claims in the New York Court.

Sky Solar is a green energy provider based in Hong Kong. Hudson Solar Cayman is an affiliate of Hudson Clean Energy, a private equity and infrastructure firm based in Teaneck, N.J.

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