Suntech granted Cayman Islands liquidation


Suntech has announced the authorities in the Cayman Islands, where its international holding company is registered, have granted its application for provisional liquidation.

The Suntech Power Holdings international parent company, which will be left little more than a shell if a planned sale of the main manufacturing division in China – Wuxi Suntech – is sold off to Jiangsu Shunfeng, has successfully applied to the Grand Court of the Cayman islands for liquidation in the face of efforts by U.S. bondholders to force an involuntary insolvency of the company in the U.S.

If the petition, lodged in the U.S. Bankruptcy Court, southern division of New York in Manhattan, by holders of around $500,000 worth of Suntech Power Holdings bonds, succeeds, it could scupper the planned $493 million acquisition of Wuxi Suntech's manufacturing lines by fellow Chinese cell and module manufacturer Jiangsu Shunfeng.

Suntech announced, through a press release on Saturday, professionals from accountants PricewaterhouseCoopers had begun working on restructuring the international holding company, with a view to liquidation, ‘immediately.'

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:


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Your email address will not be published.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.