Suntech: Cayman Islands court OKs provisional liquidation application

By Caroline Salls

Pittsburgh, Nov. 12 - Suntech Power Holdings Co., Ltd. said the Grand Court of the Cayman Islands granted its application for a provisional liquidation.

According to a news release, restructuring professionals selected by the company from PricewaterhouseCoopers have been appointed to work with Suntech's board of directors to continue progress toward a restructuring.

The restructuring professionals will begin working with the company immediately, the release said.

An involuntary Chapter 7 bankruptcy case was filed against Suntech, a Wuxi, China-based global manufacturer and distributor of solar panels, on Oct. 14 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 7 case number is 13-13350.

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