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News Breaks
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September 29, 2009
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| 08:34 EDT |  | CSUN |
| theflyonthewall.com: | China Sunergy announces details regarding REC Wafer injunction | | China Sunergy has provided additional insight regarding the injunction granted by the Salten District Court in Norway related to the ongoing proceedings with REC Wafer. On September 11, 2009 the Norwegian court granted a preliminary injunction, based on China Sunergy's petition, prohibiting REC Wafer Norway AS from drawing on the $50M in bank guarantees. Salten District Court has also noted that there must be a breach of contract on the part of China Sunergy in order for REC Wafer to be able to draw on the guarantees. There have been no wafer shipments from REC Wafer to China Sunergy, and the court has found that REC Wafer has not pleaded that any fundamental breach of the contract with China Sunergy exists. :theflyonthewall.com |
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