• Solar energy can mitigate impact of weather-related disasters 2014-07-03 Studies have shown that extreme weather-related disasters are on the rise, and that these disasters are disproportionally affecting Asian cities and countries. According to the Asian Development Bank, Asia accounts for half of the world’s estimated e...
  • Solar to match coal in China by 2016, threatening fossil dominance 2014-06-03 Here is a story to cheer us all up. Wuxi Suntech Power expects the cost of electricity from solar modules match to coal-powered stations in China as soon as 2016. If so, we are entering a dramatically different world.The company’s chief executive, Er...
  • Suntech's Modules 2014-06-03 WUXI, China, June 2, 2014 /PRNewswire/ -- Wuxi Suntech today announced its modules have received the VDE Quality-Tested certification, attesting that the quality of Suntech modules exceed existing industry standards. Suntech is only the third brand g...
  • Solar is built to weather the storm 2014-06-03 This isn’t the place to rehearse the benefits of renewable energy.Only the most ferocious climate denier or fanatical Big Oil advocate refuses to acknowledge wind and solar’s role in reducing greenhouse gas emissions while providing clean, reliable e...

Suntech Power Holdings Co., Ltd. Announces Petition of Insolvency and Restructuring of its Chinese Subsidiary Wuxi Suntech Power Co., Ltd.

Posted on 2013-03-20
WUXI, China, March 20, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), or the "Company", today announced that on March 18, 2013, a group of eight Chinese banks filed a petition for insolvency and restructuring of its Chinese subsidiary Wuxi Suntech Power Co., Ltd. ("Wuxi Suntech") in the Wuxi Municipal Intermediate People's Court in Jiangsu Province, China. Wuxi Suntech today notified the Court that it will not file an objection against the petition. The Company expects that the Court will decide whether or not to accept the petition in the next few days. Wuxi Suntech is the Company's principal operating subsidiary in China engaged in the manufacture of photovoltaic (PV) cells and PV modules. The Company has additional cell and module production facilities at wholly owned or partially owned subsidiaries in Wuxi, Shanghai and Luoyang and, in the event insolvency and restructuring of Wuxi Suntech is approved by the Court, the Company intends to continue production of solar products to meet customer orders. In addition, management will work with any Court-appointed administrators to ensure all of Suntech's product warranty obligations are met. "While we evaluate restructuring initiatives and strategic alternatives, we are committed to continuing to provide high-quality solar products to our global customer base," said David King, Suntech's CEO. "During this period, we will continue to work closely with all of our stakeholders and take the necessary steps to put Suntech back on track for growth."The insolvency and restructuring procedure is designed to facilitate an orderly restructuring plan for both Wuxi Suntech and its creditors. In such proceedings, the Chinese court would typically appoint administrators to Wuxi Suntech to administer the restructuring, including negotiations with existing bank lenders and other creditors. Wuxi Suntech will apply to the Court to continue operations under the supervision of the administrators.
Suntech Power Holdings Co., Ltd., the ultimate parent company of Wuxi Suntech, has not commenced insolvency proceedings, nor have any of the Company's other principal operating subsidiaries. The Company is not aware of any similar proceedings regarding any of its other entities.
© Copyright: Wuxi Suntech Power Co., Ltd. All rights reserved. Design By Panasia Information.