China's Suntech Power Holdings Co., Ltd. said on Tuesday that it intends to appeal a decision by NYSE Regulation, the New York Stock Exchange's independent oversight body, to begin delisting proceedings of Suntech's American Depositary Shares (ADRs).
Suntech said it received a letter from NYSE Regulation on Nov. 6 stating that its ADRs would be suspended from trading due to uncertainties about the company's ability to complete its Form 20-F — a required filing submitted to the U.S. Securities and Exchange Commission (SEC) by foreign private issuers to provide information — for fiscal year 2012. According to Suntech, NYSE Regulation expressed doubt that the company could complete the filing in the time frames required by the NYSE in light of uncertainty surrounding the restructuring of the company and its main subsidiary and the fact that Suntech is also in the process of restating its previously issued 2010 and 2011 financial statements.
Suntech's core division, Wuxi Suntech Power Co., was forced into insolvency in March after defaulting on $541 million in U.S. convertible bonds.
The company said NYSE Regulation had suspended trading of its ADRs prior to Nov. 11.
Suntech said it believed a committee of the NYSE's board of directors would make a final determination as to its ADRs by early 2014.
Wuxi Suntech is currently undergoing restructuring and is set to be acquired by Shunfeng Photovoltaic International Ltd.
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