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
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 March, and the entrails of its restructuring process
will be closely analysed by the global PV industry, which remains far from a healthy
balance between module supply and demand.
Yesterday Suntech agreed to sell a 99% stake in a project
company and nearly 30MW of modules at a cut-price rate as part of its ongoing