logo
Share SHARE
FONT-SIZE Plus   Neg

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

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

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Firearms maker Smith & Wesson Holding Corp. (SWHC), Tuesday reported a drop in profit for the third quarter, as revenues and margins declined reflecting lower sales of long guns. However, earnings for the quarter came in ahead of Wall Street estimates as did revenues. Moving ahead, the company boosted... Target Corp (TGT) on Tuesday said it plans $2 billion of cost savings over the next two years, mainly at its corporate headquarters, as the discount retailer strives to boost profit and become a leaner outfit. Reports said that about $500 million of the savings would occur in the current year, and... Bob Evans Farms Inc. (BOBE) on Tuesday reported a drop in a profit for the third quarter, despite growth in revenues, with both earnings and revenues falling short of expectations. Moving head, the restaurant chain lowered its fiscal year 2015 outlook. Shares of Bob Evans Farms plunged over 18 percent...
comments powered by Disqus
Follow RTT