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Creditors nod Wuxi Suntech’s revamp plan
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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.
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