Taiwan Polysilicon Corp has filed for corporate restructuring after a court ruled that it had failed to fulfil its obligations on NT$940 million (US$30.6 million) bonds.

In a statement to local press, the company's president, Wu Shian-jin, said that the filing would allow the company to hold onto its manufacturing assets so that it can reap the benefits once the price of polysilicon recovers.

“It is the best way to safeguard the rights of our shareholders and creditors,” he was quoted as saying at the press conference by the Taipei Times.

According to Wu, the company has outstanding payments relating to a note of NT$330 million (US$10.7 million) from Ta Chong Bank, a note of NT$300 million (US$9.8 million) from Shin Kong Commercial Bank and another of NT$310 million (US$10.1 million) from state-run Mega International Commercial Bank.