Chinese court confirms Suntech insolvency

Stricken Chinese PV group Suntech says a court in its home city of Wuxi, Jiangsu Province, accepted a petition for the insolvency and restructuring of its main operating subsidiary, Wuxi Suntech Power Holdings.

The petition was filed by a group of eight Chinese banks, and was not opposed by Suntech’s parent group.

A statement from the Suntech group says the court has appointed “an administration committee, consisting of local government representatives and accounting and legal professionals.”

The statement adds: “The insolvency and restructuring procedure is designed to facilitate an orderly process for both Wuxi Suntech and its creditors.

“The primary goal is to restructure Wuxi Suntech's debt obligations, while continuing production and operations.”

Suntech was at pains to stress that group parent Suntech Power Holdings or Log in to read complete article.

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