Sunways prepares for suspension of trading on Xetra

Share

Correction: this article misstated that Sunways would be de-listed from the Frankfurt Stock Exchange. The German solar manufacturer will remain listed on the exchange but its shares will no longer be traded by the electronic trading system Xetra.

Troubled German solar manufacturer Sunways AG re-entered insolvency on March 21, seven months after exiting previous insolvency proceedings.

The move includes both the Konstanz-based cell, module and inverter maker and its Arnstadt-based subsidiary Sunways Production.

Sunways' management has said it intends to keep the company listed on the Frankfurt Stock Exchange during the period of insolvency, during which it hopes will allow the company to restructure and secure outside investment.

In Sunway's April 3 ad hoc announcement to investors, the Sunways board admitted the company was likely to undergo a "transferring reorganization" that would be likely to see trading of its shares halted in the Xetra trading platform from April 9 due to termination of the contract that ensures their continuous trading on the Frankfurt Stock Exchange's electronic trading system.

Sunways is 71% owned by debt-crippled Chinese manufacturer LDK Solar, which this week had its own shares de-listed from the New York Stock Exchange.

LDK was due to meet offshore creditors two days ago in an attempt to restructure its non-Chinese financial obligations and the company has provided no update on the results of the meeting.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.