logo
Share SHARE
FONT-SIZE Plus   Neg

Suntech Power: Wuxi Court Accepted Petition For Restructuring Of Chinese Unit

Suntech Power Holdings Co., Ltd. (STP) said 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.

An administration committee has been appointed by the Court, comprising 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 unit in China engaged in the manufacture of photovoltaic cells and PV modules. Wuxi Suntech would continue operations via. the restructuring period. Further, the company has additional wholly owned or partially owned divisions with cell and module production facilities that continue to produce high quality solar products to meet customer orders.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Samsung is planning to sell the recalled Galaxy Note 7 devices as refurbished or rental phones where applicable, but not in US. In a statement, the company said, "Regarding the Galaxy Note 7 devices as refurbished phones or rental phones, applicability is dependent upon consultations with regulatory authorities and carriers as well as due consideration of local demand. The markets and release dat Hollywood is spending more than ever to produce movies, with new technology and computer graphics imaging (CGI) bringing superheroes to life. Directors constantly one-up one another with special effects, while actors like Johnny Depp or Tobey Maguire are demanding beaucoup bucks to reprise their... Sluggish sales of video games have forced GameStop to take a decision to close around 150 retail locations. Digital downloads and competition from rivals are said to be the reason for shut down. The company operates around 6600 stores worldwide and has not revealed the list of shops to be closed. According to reports GameStop is planning the closure of up to 3 percent of their shops.
comments powered by Disqus
Follow RTT