Suntech Power subsidiary Power Solar System placed into liquidation

By Caroline Salls

Pittsburgh, Dec. 11 - Suntech Power Holdings Co., Ltd.'s joint provisional liquidators passed a sole shareholder's resolution placing immediate subsidiary Power Solar System Co., Ltd. into liquidation under the Insolvency Act of the British Virgin Islands, according to a company news release.

The company said Suntech Power Japan Corp. and Suntech Power Investment Pte., Ltd. were owned by Power Solar, and its insolvency may mean their share disposals announced in July are voidable under British Virgin Islands' law.

The joint provisional liquidators and Power Solar's liquidators are continuing to investigate the share disposals and a proposed purchaser of Power Solar's equity interest in Wuxi Suntech by Jiangsu Shunfeng Photovoltaic Technology Co., Ltd.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.