• Suntech Panels Continue to Shine: Receives Another Best in Class Ratin... 2014-08-12 Wuxi, China, August11, 2014:The quality of Wuxi Suntech’spolycrystalline silicon modulesrank above industry standards according to OST Energy’s independent technical review of the company. OST Energy also provided independent validation that Wuxi Sun...
  • Suntech Launches7.5 MW of Off-Grid Projectsto Power Schools and Villag... 2014-07-29 Wuxi, China,July 29, 2014/Press Release/: Wuxi Suntech, one of the world’s largest manufacturers of PV modules, announced that it will provide PV panels for 7.5 MW of off-grid projects to power rural schools and villages in Malaysia.The announcementf...
  • 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 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 Announces that Wuxi Court Accepted Petition for Restructuring of Chinese Subsidiary Wuxi Suntech

Posted on 2013-03-21
WUXI, China, March 21, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), or the "Company", today announced that the Wuxi Municipal Intermediate People's Court in Jiangsu Province, China has formally accepted the petition for the insolvency and restructuring of the Company's Chinese subsidiary Wuxi Suntech Power Co., Ltd. ("Wuxi Suntech").The Court has appointed an administration committee, consisting of local government representatives and accounting and legal professionals, to administer the restructuring of Wuxi Suntech. The insolvency and restructuring procedure is designed to facilitate an orderly process for both Wuxi Suntech and its creditors. The primary goal is to restructure Wuxi Suntech's debt obligations, while continuing production and operations.Wuxi Suntech is the Company's principal operating subsidiary in China engaged in the manufacture of photovoltaic (PV) cells and PV modules. Wuxi Suntech will continue operations through the restructuring period. Furthermore, the Company has additional wholly owned or partially owned subsidiaries with cell and module production facilities that continue to produce high quality solar products to meet customer orders. Suntech and the administration committee are committed to maintaining all of Suntech's product warranty obligations. 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.