Suntech seeking buyers and investors10. April 2013 | Global PV markets, Markets & Trends | By: Vera von Kreutzbruck
Suntech is searching for buyers and investors, an unidentified source close to the China-based photovoltaic manufacturer has told Reuters.
"It is looking for buyers for some of its projects and downstream assets," the anonymous source told the news agency. "It is also seeking to bring in a strategic investor to take a stake in the company."
No further details were revealed regarding how many assets are up for sale or how this would affect the shareholders.
In other news concerning China’s biggest photovoltaic manufacturer, its main European subsidiary has been granted a provisional moratorium for two months on creditor claims by the judicial authorities in Schaffhausen, Switzerland.
Suntech Power International Ltd (SPI) had applied for the provisional moratorium as a result of over-indebtedness, a requirement under local law and regulations. The majority of SPI's debt is Suntech inter-company debt. The court has appointed an administrator to assess SPI's financial condition and restructure its debt. SPI will continue its operations and serve its European customers during this period.
"The goal of the provisional moratorium is to allow time to restructure debt, primarily inter-company debt. During this process, we are committed to continuing to deliver high-quality solar products to our customers in Europe," said David King, Suntech's CEO.
Meanwhile, Suntech has been notified on April 9 by the New York Stock Exchange (NYSE) that the photovoltaic manufacturer did not meet the NYSE’s price criteria for continued listing standard because, as of April 4, the average closing price of the company’s American Depositary Shares, or ADS, was less than 1 US$ per ADS over a consecutive 30-trading-day period.
Under NYSE rules, Suntech has six months following receipt of the notification to regain compliance with the minimum share price requirement. In a statement the company said today that it would solve its deficiency within the prescribed timeframe. During this period, the company will continue to be listed and traded on the NYSE.
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