The proceedings in the Caymans, where it is incorporated, will give the company the time it needs to wrap up negotiations over its restructuring, Suntech said in a statement.
If approved, Suntech may also file for Chapter 15 bankruptcy protection, as its American depositary receipts are listed in New York and it remains saddled with US debt.
The news sent Suntech's shares 16% lower in New York yesterday.
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