Liquidated Suntech appoints new CFO


Suntech Power Holdings – the rump of Chinese former solar giant Suntech after its main Wuxi Suntech manufacturing operation was sold to rival Shunfeng Photovoltaic International – has announced changes to its four-man board ahead of its next creditors’ meeting.

Deyong He has been appointed to the board and the position of acting chief financial officer (CFO) after Weiping Zhou stepped down as board member and interim CEO, CFO and president on January 9, citing personal reasons.

Mr He has been corporate finance and treasury director for Suntech since 2012 – which must have entailed quite a learning curve – and will also form the second half of the shell company’s audit, compensation and nomination committees along with board member Kurt Metzger, according to a company statement released by Suntech today.

Suntech is being liquidated in the Cayman Islands

Michael Nacson and Suntech founder Zhengrong Shi make up the remainder of the company, which is undergoing liquidation in the Cayman Islands jurisdiction where it is registered.

News of the addition to the board comes ahead of a Suntech creditors’ meeting which will be held in George Town on Grand Cayman on February 12.

The meeting, details of which were announced by Suntech’s liquidator on Tuesday via a blurred photocopy on the company’s website, will provide an update on liquidation proceedings, agree remuneration for the liquidators and appoint a liquidation committee.

The Cayman Islands company is resisting a lawsuit filed in New York by the American holders of $580,000 of its bonds which aims to force Suntech into involuntary bankruptcy in the U.S.