2013年3月20日星期三

Suntech bankruptcy reorganization: tangled optimal option


Suntech bailout plan can not come out the reason for the delay is because tripartite interests of differences: Shi Zhengrong, overseas investors, and the Wuxi municipal government. From today's results, the three parties have reached a settlement, at least this side of the Wuxi municipal government has already agreed with the party of the other two parties.

In the evening of March 20, the US-listed company Suntech Power 
buy solar panels announced by the creditors' committee is composed of eight Chinese banks to the Intermediate People's Court of Wuxi City, Jiangsu Province, took place on March 18 (referred to as the "the Wuxi court") submitted on Suntech Power Company Limited (referred to as "Suntech") application for bankruptcy reorganization. The Suntech This application without objection. 

On the same day, Wuxi Court ruled that under the Bankruptcy Act, Suntech Power Co., Ltd., a bankruptcy reorganization. In addition, Suntech also announced that the company has appointed Philip Yan Hok FAN as an independent director, Zhou Weiping as Suntech executive director and president, effective immediately.

Which Philip Yan Hok FAN previously served as executive director of China Everbright International Limited, the Prohibition of identity is more special, prior to joining Suntech, he served as Guolian Futures Limited Chairman and Guolian Development (Group) Co., Ltd. Financial Manager. Prior to the restructuring of the country join hands Suntech is the prevailing view in the market, Zhou Weiping join more evidence the above speculation.

At this point, tangled for a long time, "aid still to finalize the bankruptcy reorganization, that is, to keep the listed company, a wholly owned subsidiary of Suntech. However, for Suntech, the bankruptcy reorganization of second chances or the dead end of the old giants remains to be seen.

Information by Zhengrong Shi, Suntech was founded in Wuxi in 2001, engaged in the 
Photovoltaic Panels photovoltaic cell and module production. 100% controlled voted Suntech Suntech "In 2005, Shi was incorporated in the British Virgin Islands and listed on the NYSE. 

Suntech Power's stock price in 2006 reached more than $ 40, Zhengrong Shi wealth of $ 2.3 billion, becoming the richest man in China that year. Has been the largest production base of Suntech Suntech are the company's assets, concentrated Suntech more than 95% of the company's production capacity, its PV module production capacity reached 2.4 GW in 2012, the four largest PV companies one....

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