Suntech Responds to NYSE Inquiries Related to Unusual Trading
WUXI, China, March 14, 2013
WUXI, China, March 14, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd.
(NYSE: STP) (the "Company"), one of the world's largest producers of solar
panels, announced that it has been contacted by the New York Stock Exchange,
Inc. regarding today's unusual trading activity relating to its American
depositary shares. Management of the Company is not aware of undisclosed
events that triggered such trading activity. The Company is aware of recent
market rumors and third party reports regarding the Company's financial
position and other matters.
As reported by the Company on March 11, 2013, it has entered into a
forbearance agreement (the "Agreement") with holders of over 60% of its 3%
Convertible Notes (the "Notes"), for which a principal payment of US$541
million is due on March 15, 2013. The Company does not plan to make such
payment and the Company's management is not aware of any pending or planned
actions or claims in relation to such non-payment by the trustee or the
holders of the Notes.As previously disclosed, the Company plans to continue
to work with holders of the Notes with a view to achieving a consensual
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces solar products for
residential, commercial, industrial, and utility applications. With regional
headquarters in China, Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80 countries.
Suntech's pioneering R&D creates customer-centric innovations that are
designed to drive solar to grid parity against fossil fuels. Suntech's mission
is to provide everyone with reliable access to nature's cleanest and most
abundant energy source.
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar statements,
and include statements about the Company's ability to successfully resolve its
liquidity issues and achieve a consensual restructuring of the 3% Convertible
Notes. Further information regarding these and other risks is included in
Suntech's filings with the U.S. Securities and Exchange Commission, including
its annual report on Form 20-F. Suntech does not undertake any obligation to
update any forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
For media inquiries, please contact:
Weber Shandwick for Suntech
Ph: +86 21 2411 0046
SOURCE Suntech Power Holdings Co., Ltd.
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