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.
- Facilities & Maintenance Management Best Practices
- Guide to Energy, Carbon and Environmental Software
- Environmental Leader Technology Reviews
- The Logistics, Carbon, and Business Data Book: Fall 2012 Sustainability Trends
- 2013 Insider Knowledge
- How "Fixed" is the Fixed Price Product?
- 5 Must-Have Utility Billing Alerts
- The Impact of a Changing Workforce on Facilities Management
- EHS Managers: The Evolution from Necessary Evil to Vital Leaders
- 10 Ways to Slash Energy Cost & Reduce Budget Uncertainty
- Smart Building Technology: The Key to Comprehensive Building Performance
- What Energy Managers Need to know about Procuring Natural Gas: Guidance for 2014 Natural Gas Contracts
- Energy Optimization from the Boiler Room to the Board Room
- Your Roadmap for Energy Management: First Stop – Myths & Realities of Energy Purchasing
- Control the Balance of Power: The Future of Intelligent Energy Systems