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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