China Sunergy Co., Ltd. (CSUN), a specialized solar cell manufacturer based in Nanjing, China, said Tuesday that it delivered a petition to the Norwegian court for an extension of the existing injunction related to the REC Wafer situation. It also filed a legal writ regarding the legal status of REC Wafer Norway AS as a rightful party to any existing contract.
On September 9, REC Wafer Norway AS terminated the Agreement for the Supply of Monocrystalline Silicon Ingots and/or Wafers entered into between China Sunergy and REC SiTech AS, which is dissolved now, in 2008. At that time, REC Wafer Norway AS demanded payment for a total of $50 million, according to three on-demand bank guarantees issued by Nordea Bank Norge ASA on behalf of China Sunergy as principal and three Chinese banks as sub-guarantors.
On September 11, China Sunergy obtained an injunction at a district court in Norway against REC Wafer Norway AS, prohibiting REC from drawing on certain bank guarantees. The current injunction lasts until October 15 and China Sunergy has now sought an extension.
Along with the petition, China Sunergy has served a writ at the same court in Norway claiming that REC Wafer Norway AS is not, and has never been, a party to the contract entered into between China Sunergy and the dissolved company REC SiTech AS. Consequently REC Wafer Norway AS is not, and has never been, entitled to claim any position according to the terminated contract, it believes.
China Sunergy said it disputes REC Wafer Norway AS' position as beneficiary to the bank guarantees as well as their position as a party to the contract. This view is supported by China Sunergy's legal counsel in Norway and England.
CSUN is currently trading at $4.26, up $0.10 or 2.29%, on 8,830 shares.
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