Suntech to appeal NYSE delisting

Suntech Power Holdings said it plans to appeal a decision by the New York Stock Exchange's regulator to delist the troubled PV group’s shares.

The company, based in China’s Jiangsu province, received a notice from NYSE Regulation two weeks ago stating that its American Depositary Shares (ADRs) would be suspended from trading before the opening of the 11 November session, because of lingering questions about its ongoing restructuring.

The oversight body also raised concerns about Suntech Power Holdings’ efforts to revise its earnings statements from 2010 and 2011.

Wuxi Suntech, the insolvent main manufacturing unit of Suntech Power Holdings, became insolvent in March after the company defaulted on $541m of bonds.

Earlier this month, Suntech’s creditors and the administrator overseeing its bankruptcy approved the company’s sweeping restructuring plan, Log in to read complete article.

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