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.
- The World Resources Institute Scope 2 Guidance: A Verifier’s Perspective
- Choosing the Correct Emission Control Technology
- 10 Tactics of Successful Energy Managers
- Just the Facts: 8 Popular Misconceptions about LEDs & Controls
- Shifting the Focus from End-of-Life Recycling to Continuous Product Lifecycles
- Planning for a Sustainable Future
- 6 for 2016: Global Energy Market Trends
- Beyond Compliance: Applying a Risk Lens to Your EHS Practice
- Building Energy Benchmarking & Transparency Laws
- Verdantix Green Quadrant for EHS Software