Swiss give Suntech six months' grace
Suntech Power International (SPI) – the European operating subsidiary of the stricken Chinese PV group – has been given a six-month moratorium on creditor claims by judicial authorities in Switzerland.
The ruling extends a provisional moratorium granted in April by the authorities in Schaffhausen, where Suntech’s European operation is based.
SPI is in the process of restructuring itself as a result of inter-company debts.
A statement from parent group Suntech Holdings said: "SPI has already met important milestones in the restructuring process.
“The definitive moratorium allows SPI time to restructure debt and reach an agreement with creditors. SPI will continue normal operations during this process."
Suntech – formerly the world’s biggest supplier of PV modules – has also seen its main operating subsidiary in China declared insolvent and is negotiating with bondholders after defaulting on payments.