Shunfeng Photovoltaic International shareholders celebrating the manufacturing capacity leap the company will enjoy through its acquisition of Wuxi Suntech could be forgiven for being concerned by the company’s latest stock market update.
In a statement to the Hong Kong Stock Exchange yesterday, Shunfeng announced a delay in the release of the circular outlining details of the acquisition of the main manufacturing unit of former solar giant Suntech.
The statement said the circular, due yesterday, would not now be released until ‘on or before’ March 13.
That is an innocuous enough statement in itself but comes 11 days after the joint provisional liquidators of what would be left of Suntech after it is picked over, announced they would be conducting a forensic examination of the terms of the acquisition, chiefly the acquisition of rump company Suntech Power Holdings’ equity interest in Wuxi Suntech by Shunfeng, as well as the mooted equity transfer of Suntech’s Singapore and Japan subsidiaries to the corporate predator.
John Ayres and David Walker, liquidators of Cayman Islands-registered Suntech Power Holdings have already persuaded the authorities in Singapore the local subsidiary there owes its parent US$264 million with the more energetic debt recovery efforts coming after the holders of U.S. notes in Suntech were persuaded to halt their attempts to force the former solar cell giant into involuntary bankruptcy Statesside.