Suntech Power Holdings Co., Ltd. (Wuxi, China) on March 21^st, 2013 announced that the Wuxi Municipal Intermediate People's Court in Jiangsu Province, China, has formally accepted the petition for the insolvency and restructuring of the Company's Chinese subsidiary Wuxi Suntech Power Co., Ltd. ("Wuxi Suntech").

Procedure designed to facilitate an orderly process for Wuxi Suntech and creditors

The Court has appointed an administration committee, consisting of local government representatives and accounting and legal professionals, to administer the restructuring of Wuxi Suntech.

The insolvency and restructuring procedure is designed to facilitate an orderly process for both Wuxi Suntech and its creditors. The primary goal is to restructure Wuxi Suntech's debt obligations, while continuing production and operations.

Parent company has not commenced insolvency proceedings

Wuxi Suntech is the Company's principal operating subsidiary in China engaged in the manufacture of photovoltaic (PV) cells and PV modules. Wuxi Suntech will continue operations through the restructuring period, Suntech emphasizes.

Suntech Power Holdings Co., Ltd., the ultimate parent company of Wuxi Suntech, has not commenced insolvency proceedings, nor have any of the Company's other principal operating subsidiaries. “The Company is not aware of any similar proceedings regarding any of its other entities”, Suntech notes.

2013-03-21 | Courtesy: Suntech Power Holdings Co., Ltd. | solarserver.com © Heindl Server GmbH

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