Suntech Power Holdings Co., Ltd. (STP) announced that on March 18, a group of eight Chinese banks filed a petition for insolvency and restructuring of its Chinese subsidiary Wuxi Suntech Power Holdings Co. Ltd. in a Court in China. Wuxi Suntech notified the Court that it will not file an objection against the petition. Suntech expects the Court will decide on the petition in the next few days.
Wuxi Suntech is the company's principal operating subsidiary in China engaged in the manufacture of photovoltaic cells and PV modules. Suntech Power said, 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 insolvency proceedings, the Chinese court would typically appoint administrators to Wuxi Suntech to administer the restructuring. Wuxi Suntech will apply to the Court to continue operations under the supervision of the administrators.
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