Wuxi Suntech insolvency official21. March 2013 | Top News, Industry & Suppliers, Investor news, Markets & Trends | By: Becky Beetz
The Wuxi Municipal Intermediate People's Court in Jiangsu Province, China, has officially accepted the petition for the insolvency and restructuring of Suntech Power Holdings Co., Ltd’s main subsidiary, Wuxi Suntech Power Co., Ltd, submitted by eight Chinese Banks on March 18.
As expected, the insolvency and restructuring petition filed against Chinese photovoltaic cell and module manufacturer Wuxi Suntech on Monday has been accepted by the local court.
An administration committee has been appointed to manage the restructuring process. It includes local government representatives, and accounting and legal professionals. The main goal, said Suntech in a statement released today, is to restructure Suntech Wuxi’s debt, whilst continuing production.
Speaking to pv magazine this week at the PV Project Implementation Conference – China, organized by Solarpraxis AG and SEMI, Alex Zhu, Senior Director, Global Product Management, at Suntech, candidly described bankruptcy as "a good thing" for Suntech.
He said bankruptcy would provide the needed restructuring for the manufacturer to emerge as a leaner more competitive player in the industry. It is widely believed the Wuxi Government will step in to save Suntech.
Neither parent company, Suntech Power Holdings Co., Ltd nor its other principal operating subsidiaries are said to have filed for insolvency.
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