Suntech Power Holdings Company Ltd. (Wuxi, China) reports that a petition for the insolvency of its main solar photovoltaic (PV) manufacturing division in Wuxi, China has been filed in the city.

A group of eight Chinese banks filed the petition for insolvency and restructuring of Wuxi Suntech Power Holdings Company Ltd. (Wuxi, China) on March 18th, 2013. Suntech will not file an objection, and the court is expected to rule on the insolvency in the next few days.

“While we evaluate restructuring initiatives and strategic alternatives, we are committed to continuing to provide high-quality solar products to our global customer base,” said Suntech CEO David King. “During this period, we will continue to work closely with all of our stakeholders and take the necessary steps to put Suntech back on track for growth.”


Filing will not include other operating subsidiaries

Suntech has additional subsidiaries engaged in PV cell and module production in the cities of Wuxi, Shanghai and Luoyang. These have not filed for insolvency, nor has the parent company.

Suntech states that if insolvency is approved by the court it will continue to produce PV products through Wuxi Suntech, and will work with court-appointed administrators to ensure that all product warranties are met.

2013-03-20 | Courtesy: Suntech | solarserver.com © Heindl Server GmbH

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