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.
- Advanced Rooftop-Unit Control (ARC) Retrofits: Field Demonstrations Validate Energy Savings
- There’s Money in the Trash
- 2015 Insider Knowledge
- Strategies for a Successful EHS&S Software Selection
- Approaches to Managing EHS&S Data
- Choosing the Correct Emission Control Technology
- Top 10 Steps for a Successful EMIS Project
- 10 Tactics of Successful Energy Managers
- Practical Guide to Transforming Energy Data into Better Buildings
- eBook: Five Key Considerations for Integrating Renewables into Your Procurement Strategy