Suntech creditors 'claim $2.8bn'

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

Suntech is said to owe 5.2bn yuan to OCI

Creditors claim they are owed some 17.4bn yuan ($2.8bn) by Wuxi Suntech, the bankrupt Chinese manufacturing subsidiary of PV giant Suntech, according to local media.

In the first session at Wuxi Intermediate People’s Court in Jiangsu province since Wuxi Suntech was forced into bankruptcy in March, nearly 530 creditors brought claims against the subsidiary.

The administrator overseeing the process has reportedly confirmed claims totalling 3.32bn yuan, having reviewed 300 of them as of 20 May.

Among the claims said to be outstanding are 5.2bn yuan owed to South Korean polysilicon supplier OCI, 415m to GCL-Poly-owned wafer maker Konca and 149.2m yuan to French chemicals supplier L’Air Liquide.

Suntech became modern China’s first company to default on its corporate bonds in Log in to read complete article.

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