Suntech creditor claims total almost $1 billion22. July 2013 | Global PV markets, Industry & Suppliers, Investor news | By: Max Hall
The Chinese manufacturer's European unit has revealed a mountain of debt, including $454.3 million for its insolvent Wuxi Suntech unit.
The scale of the debts of ailing Chinese manufacturer Suntech was revealed on Friday with a submission to the U.S. Securities and Exchange Commission (SEC) in relation to the debt protection afforded the company's European unit.
Switzerland based Suntech Power International (SPI) secured a six-month debt moratorium from the judicial authorities in Schaffhausen, Switzerland on June 19th and Chinese parent Suntech Power Holdings Co. Ltd. on Friday submitted a list of creditor claims to the administrator overseeing the moratorium.
SPI itself has creditor claims amounting to $192.7 million and the documents reveal Wuxi Suntech, the company's principal manufacturing unit, which was forced into insolvency this year, has creditor claims totalling $454.3 million. On top of that, Suntech's British Virgin Islands based subsidiary Power Solar Systems Co. Ltd. has creditor claims of $324 million and 'other affiliates' of Suntech have claims of $23.8 million, adding up to total creditor claims of $994.8 million.
Friday's SEC filing also announced the parent company's subsidiaries in Japan and Singapore – Suntech Power Japan Corporation and Suntech Power Investment Pte. Ltd. – have been reorganized under the Wuxi Suntech unit.
For a more in-depth look at the ongoing fallout from the Suntech Wuxi insolvency, see the August issue of pv magazine.
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