NYSE upholds Suntech delisting

Suntech Power Holdings has confirmed that the New York Stock Exchange (NYSE) regulator has upheld its decision to delist the troubled PV group’s shares.

The company, based in China's Jiangsu province, said that it expects the market regulator to initiate formal procedures to delist its American Depositary Shares soon.

Suntech immediately appealed the NYSE regulator's initial decision last November to halt trading of its shares.

The regulator suspended trading due to uncertainty about the group's ongoing restructuring, as well as its efforts to revise its 2010 and 2011 earnings statements.

Wuxi Suntech, the group's main production unit, became insolvent last March after Suntech Power Holdings defaulted on $541m of bonds.

Earlier this week, Shunfeng Photovoltaic — which is still trying to finalise its 3bn yuan ($500m) acquisition of Wuxi Suntech — lashed out at Suntech Power Holdings, after the Suntech group's Power Solar System (PSS) unit won a $264m legal judgement over Suntech Singapore.