Suntech in Caymans liquidation OK

Suntech Power Holdings (SPH) said a court in the Cayman Islands granted its application for provisional liquidation.

SPH, parent group of the stricken PV manufacturing giant, says the liquidation approval in the Caymans – where it is incorporated – allows it to “continue progressing a restructuring of the company”.

A statement said staff from accountants PriceWaterhouseCoopers will start working with SPH’s directors “with the ultimate goal of achieving the company's restructuring in the best interest of all stakeholders”.

The twists and turns of the saga have sent Suntech’s US-listed shares crashing as investors there become increasingly nervous that little will remain for them at the end of the restructuring process.

The company’s shares closed another 40% down in New Log in to read complete article.

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