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.
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.
Choose between a digital and print subscription from pv magazine publisher Solarpraxis AG’s online shop!
- 2594 views
- 2477 views
- 2103 views
- 2009 views
- 1983 views
Want to publish your press releases for free? Simply log in or register, enter the information you want to appear and we'll publish it for you!