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Stock Market & Financial Investment News

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March 21, 2013
08:05 EDTSTPSuntech announces that Wuxi Court accepted petition for restructuring
Suntech today announced that the Wuxi Municipal Intermediate People's Court in Jiangsu Province, China has formally accepted the petition for the insolvency and restructuring of the company's Chinese subsidiary Wuxi Suntech Power. The Court has appointed an administration committee, consisting of local government representatives and accounting and legal professionals, to administer the restructuring of Wuxi Suntech. The insolvency and restructuring procedure is designed to facilitate an orderly process for both Wuxi Suntech and its creditors. The primary goal is to restructure Wuxi Suntech's debt obligations, while continuing production and operations.
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