“Our main company specific concerns regarding SOLF surround its level of poly procurement for 2009, as well as the status of its balance sheet. We view the GCL contract as an incremental positive towards the former; however, we remain concerned about SOLF's reliance on high interest rate short-term Chinese bank debt relative to the latter. We are awaiting clarity surrounding a potential capital event at some point in the next 6 months before we would consider becoming constructive on shares.”
