The planned disposal of more than a third of the Chinese solar company’s project portfolio would take a significant chunk out of its debt mountain but trading in company stock was halted this morning, pending an announcement in relation to the project sale. Shunfeng sold off German PV project monitoring business meteocontrol to another operation owned by its main shareholder at the end of last year.
Straining under a $2 billion debt mountain, the solar manufacturer is pinning its hopes on the proposed sale of its Jiangsu Shunfeng subsidiary to prevent it suffering the same fate as the original parent company of the Wuxi Suntech unit that makes up part of the Jiangsu division.
The U.S. International Trade Commission decided late tonight to move forward under Section 201 of the Trade Act of 1974 to investigate whether the bankrupt module maker deserves protection from its Chinese competitors.
Chinese module manufacturer Suntech announced that it has increased the efficiency for its mass production multicrystalline PERC cells to 20%, transferring its recent laboratory success to the production line.
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