Insolvency looms for Suntech

Suntech has not reported a profit since the first quarter of 2011

Suntech has not reported a profit since the first quarter of 2011

Suntech, China’s best known PV company, will see its principal operating subsidiary – Wuxi Suntech Power Holdings – ushered into insolvency proceedings, putting an end to weeks of speculation about the fate of the heavily indebted company.

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.

Chief executive David King says Suntech’s other subsidiaries will allow it to continue meeting customer orders, and Log in to read complete article.

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