Financially strapped Chinese solar panel maker Suntech Power Holdings Corp. has transferred shares from a Japanese unit to its insolvent Wuxi Suntech Power Co. division, currently undergoing restructuring and set to be acquired by Shunfeng Photovoltaic International Ltd.
According to a Bloomberg report, Tokyo-based Suntech Power Japan, up till now a wholly-owned unit of Suntech Power, will continue to sell solar power generation systems and provide maintenance services in Japan.
Wuxi Suntech was forced into insolvency in March. Creditors on Tuesday approved a plan for Hong Kong-listed Shunfeng to buy the unit.
Citing a statement from Suntech Power Japan, Bloomberg said Suntech also transferred shares from a Singapore unit to Wuxi Suntech.
On Tuesday, Wuxi Suntech’s creditors, among them Chinese banks as well as domestic and foreign suppliers, approved Shunfeng’s CNY 3 billion ($493 million) takeover bid, although the plan is awaiting final approval from a local court in the eastern city of Wuxi, according to Reuters.