Related News
Creditors nod Wuxi Suntech鈥檚 revamp plan
Print Edition
Creditors of leading Chinese solar panel maker Wuxi Suntech yesterday approved an acquisition and restructuring plan offered by smaller rival Shunfeng Photovoltaic International Ltd.
The majority of the 500 creditors and shareholders of Wuxi Suntech opted for Jiangsu Shunfeng Photovoltaic Technology Co, a subsidiary of Hong Kong-listed Shunfeng Photovoltaic International, as its strategic investor nearly eight months after it filed for bankruptcy.
Wuxi Suntech is the major subsidiary of New York-listed Suntech Power.
Jiangsu Shunfeng will offer 3 billion yuan (US$493 million) for the takeover and part payment of Wuxi Suntech’s debts, said Yang Erguan, a government official in Wuxi, who oversaw the deal.
Wuxi Suntech, once the world’s largest solar panel maker, has a debt of 9.46 billion yuan owed to 553 domestic and foreign creditors, said Yang.
Under the plan, Shunfeng also pledged to invest no less than 3 billion yuan on technology innovation and production expansion over a two-year period after the proposal gets approval from a local court.
Shi Jianmin, vice chairman and managing director of Shunfeng Photovoltaic International, said his company has sufficient capital to ensure the future growth of Wuxi Suntech.
Wuxi Suntech is likely to sell 1.5 gigawatts of photovoltaic products in 2014 and as the solar market grows, it may return to the top ranks in the global clean-energy industry, Shi said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
