Shunfeng eyes stake in Wuxi Suntech
Print Edition
Hong Kong-listed solar company Shunfeng Photovoltaic International Ltd is bidding for a stake in a main unit of troubled Suntech Power Holdings Co, once the world’s largest solar panel maker.
The company made the bid on Tuesday with the debt administrator of Wuxi Suntech Power Co to acquire “certain equity interests” and also its subsequent restructuring, Shunfeng said yesterday.
Wuxi Suntech filed for bankruptcy protection in a court in Wuxi, east China’s Jiangsu Province, in March after its parent, New York Stock Exchange-listed Suntech Power, announced a US$541 million bond payment default on a worsening oversupply in the global solar panel market.
The restructuring of its debt is being closely watched by Suntech’s overseas creditors. Xinhua news agency reported in August that Wuxi Suntech’s debt had reached 10.7 billion yuan (US$1.75 billion).
Shunfeng said it has paid a 500 million yuan deposit to Wuxi Suntech’s administrator. The deposit is refundable should the bid fail.
“The board believes that the possible acquisition is in line with the group’s expansion strategy and will enable the group to further strengthen its production capabilities of solar cells and modules,” Shunfeng said.
Shunfeng plans to finance the acquisition through various means, including debt financing, capital raising, forming a joint venture or partnership, international resources, or a combination of the above, it said.
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