Suntech Singapore $264m court twist

A Singapore court has ordered Suntech Singapore – which is being bought by Shunfeng – to pay former owner Suntech Power Holdings some $264m, throwing another wrench into Shunfeng’s still-unfolding acquisition of Wuxi Suntech.

Suntech Power Holdings, the rump of the once-mighty Suntech empire, says that on 27 January the High Court of Singapore granted a Judgment in Default of Appearance against Suntech Singapore for the full amount it had demanded – some $264m plus costs, with interest set at 5.33%.

Suntech Singapore had not appeared to contest the claims, Suntech Power Holdings says.

Suntech Singapore was owned by a subsidiary of Suntech Power Holdings until it was ostensibly bought by Jiangsu Shunfeng Photovoltaic, as part of Shunfeng’s blockbuster but as-yet-unfinished acquisition of Wuxi Suntech, the manufacturing unit of Suntech.

Suntech Japan, another valuable subsidiary, was Log in to read complete article.

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