Shunfeng ire at Suntech legal blow

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

Shunfeng says it wants to rescue Wuxi Suntech and thousands of jobs

Jiangsu Shunfeng has slammed Suntech Power Holdings’ “regrettable” recent legal victory over Suntech Singapore, suggesting that the “thousands” of Chinese jobs it could save were it to finalise its acquisition of Wuxi Suntech may be thrown into jeopardy by the legal wrangling.

Earlier this week Suntech Power Holdings, the rump of the former Suntech empire, said that its Power Solar System (PSS) unit had won a $264m legal judgement over Suntech Singapore.

Suntech Singapore was formerly a subsidiary of PSS, but was last spring transferred to Wuxi Suntech – Suntech’s former manufacturing arm for which Shunfeng has offered 3bn yuan ($500m) – under dubious circumstances.

Using ominous language, Shunfeng notes that its acquisition of Wuxi Suntech has not been finalised, saying that Wuxi Suntech is still under administration in China.

Shunfeng made its takeover Log in to read complete article.

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