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.
- LG Electronics: Enhancing customer Experience through Sustainability
- 2015 Environmental Leader Product & Project Awards
- Unlocking the Value of Energy & Operational Data
- Smart Companies Utilize Integrated Energy Solutions
- Migration to Mobile: The Evolution of EHS Management Tools
- Improve Your Company's Environment and Energy Performance
- How to Thrive in Today's EHS Landscape
- ASSA ABLOY: Investing in Sustainability Opens the Door for Business Opportunity
- NAEM Research Report: Planning for a Sustainable Future
- Gartner Magic Quadrant