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
Large U.S. companies are holding trillions of dollars overseas in an effort to avoid U.S. taxes, with big-name firms like Apple (AAPL), Pfizer (PFE) and PepsiCo (PEP) named as notable examples. This is the claim made by a pair of non-profit groups, who released a study based on the firms' financial statements. Software maker Adobe Systems Inc. (ADBE) Tuesday detailed an outlook for the full year 2016 indicated to miss Wall Street estimates, sending its shares down 8 percent in after-hours trading. Adobe expects full-year 2016 revenues of about $5.7 billion and an adjusted earnings of $2.70 per share. Analysts... Enterprise software maker Adobe (ADBE) provided updated guidance on Tuesday, predicting strong growth over the next three years by giving 2016 projections that are below what market analysts are currently expecting.
comments powered by Disqus
Follow RTT