A group of eight Chinese banks filed a petition for the insolvency and restructuring of Wuxi Suntech Power in the Wuxi Municipal Intermediate People’s Court, Jiangsu province, and Suntech says it will not object.
Wuxi Suntech is the company’s primary manufacturing entity, focused on cells and modules, although it owns a number of smaller subsidiaries in China.
Neither the parent company – Suntech Power Holdings – nor any of the smaller subsidiaries are being placed in administration.
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