Suntech Power Holdings Co., Ltd. (STP) announced preliminary financial results for the fourth quarter and full year ended December 31, 2012. Preliminary results indicate that Suntech's shipments of photovoltaic or PV products for the fourth quarter of 2012 declined by approximately 4% from the third quarter of 2012. Revenues in the fourth quarter of 2012 were approximately $358 million, a sequential decline of 8%.
In the full year 2012, preliminary results indicate Suntech shipped approximately 1.8GW of PV products, in line with prior guidance. Revenues for the full year 2012 were approximately $1,625 million, a year-over-year decline of 48%.
Wuxi Suntech Power Co., Ltd., the Company's Chinese subsidiary, which is in the process of restructuring, continues to work with the court-appointed administrator and its stakeholders to improve its financial position and outlook. The administrator has scheduled a Wuxi Suntech creditors meeting in Wuxi on May 22, 2013, earlier than previously anticipated, to present and discuss potential solutions.
Suntech Power International Ltd. or SPI, the Company's principal operating subsidiary in Europe, which on April 9, 2013 was granted a provisional moratorium for up to two months on creditor claims, is working closely with the court-appointed administrator and has proposed a new business plan to establish sustainable operations. The Company said its intention is that the new business plan will enable SPI to enter a definitive moratorium that would provide a platform to enter discussions with SPI's creditors.
The company noted that it continues its discussions with major holders of the Notes with a view to achieving a consensual restructuring. The company previously received a notice of default and acceleration relating to Suntech's non-payment of the principal amount of US$541 million that was due to holders of the Notes on March 15, 2013. Suntech has entered into a forbearance agreement with holders of over 60% of the Notes under which the signing bondholders agree not to exercise their rights under the Notes and the related indenture until May 15, 2013, subject to certain market-standard early termination events.
On December 7, 2012, the company announced that it intended to file restated consolidated financial statements for 2010 and 2011 upon the completion of the assessment of the guarantee obligation provided to lenders to a GSF project company in 2010 and the completion of GSF's financial audit.
The company said it currently anticipates additional time is required to complete the restatement as the reassessment of the related GSF audited financials and other matters have not yet been completed.
As a result of the pending restatement of the Company's consolidated financial statements for 2010 and 2011, and the Company requiring additional time to assess the outcomes of restructuring initiatives at Wuxi Suntech, SPI and of the convertible notes, the company announced that it will delay the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2012 beyond the filing deadline of April 30, 2013.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.