Wuxi Suntech Declares Bankruptcy
Suntech Power Holdings’ Chinese subsidiary Wuxi Suntech Power Co. has declared bankruptcy.
The Wuxi Municipal Intermediate People’s Court in Jiangsu Province, China has formally accepted the petition for the insolvency and restructuring of Wuxi Suntech Power Co.
Wuxi Suntech manufactures photovoltaic (PV) cells and PV modules. The company last week defaulted on payments on $541 million-worth of bonds, reports Agence France-Presse.
This comes just days after parent company Suntech Power Holdings said it would close its sole US-based manufacturing plant in Goodyear, Ariz., citing import tariffs and a global oversupply of solar modules as the reasons. The solar panel facility will shutter on April 3, with 43 employees affected.
As for the Chinese bankruptcy, the company says the primary goal is to restructure Wuxi Suntech’s debt obligations, while continuing production and operations through the restructuring period. The court has appointed an administration committee, consisting of local government representatives and accounting and legal professionals, to administer the restructuring of Wuxi Suntech. Suntech says it and the administration committee are committed to maintaining all of Suntech’s product warranty obligations.
- Improve Occupant Comfort & Reduce Energy Costs Through Humidity Control
- Planning for a Sustainable Future
- 2016 Environmental Leader Product & Project Awards
- Energy Manager Today Awards Top Products and Top Projects of the Year
- 10 Tactics of Successful Energy Managers
- It's Time for Today's EHS and Sustainability Professionals to Embrace Big Data
- There’s Money in the Trash
- 6 for 2016: Global Energy Market Trends
- How the IoT is Reshaping Building Automation
- NAEM 2015 EHS and Sustainability Software Buyers Guide