Suntech Chinese principal operating unit in restructuring proceedings

By Caroline Salls

Pittsburgh, March 21 - Suntech Power Holdings Co., Ltd. said the Wuxi Municipal Intermediate People's Court in Jiangsu Province, China, has formally accepted the petition for the insolvency and restructuring of Chinese principal operating subsidiary Wuxi Suntech Power Co., Ltd.

According to a company news release, 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 company said the primary goal is to restructure Wuxi Suntech's debt obligations, while continuing production and operations.

Suntech said the subsidiary will continue operations through the restructuring period. In addition, the company said it has other wholly owned or partially owned subsidiaries with cell and module production facilities that continue to produce solar products to meet customer orders.

Suntech and the administration committee are committed to maintaining all of Suntech's product warranty obligations, the release said.

Suntech is a global manufacturer and distributor of solar panels. Its headquarters are in Wuxi, China.

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