Suntech Power Holdings Co., Ltd. (STP: Quote) 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
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