Suntech's European Subsidiary Granted Definitive Moratorium
WUXI, China, June 18, 2013
WUXI, China, June 18, 2013 /PRNewswire/ --Suntech Power Holdings Co., Ltd.
(NYSE: STP) ("Suntech Holdings" or the "Company") today announced that Suntech
Power International Ltd. ("SPI"), the Company's principal operating subsidiary
in Europe, has been granted a definitive moratorium on creditor claims from
the judicial authorities in Schaffhausen, Switzerland. The moratorium is for a
six month period and may be extended thereafter.
Previously, on April 9, 2013, SPI had been granted a provisional moratorium
for two months on creditor claims as a result of over-indebtedness. The
majority of SPI's debt is Suntech inter-company debt.
"SPI has already met important milestones in the restructuring process. The
definitive moratorium allows SPI time to restructure debt and reach an
agreement with creditors. SPI will continue normal operations during this
process," said David King, Suntech's CEO.
Other than the insolvency and restructuring of Suntech Holdings' Chinese
subsidiary Wuxi Suntech Power Co., Ltd. and the SPI composition proceedings,
Suntech Holdings is not aware of any similar proceedings regarding any of its
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces solar products for
residential, commercial, industrial, and utility applications. With regional
operations 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 includes the ability of SPI to enter into a composition agreement with
creditors and restructure its debt. 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 enquiries, please contact:
Ryan Scott Ulrich
Public Relations and Investor Relations
Ph: +86 510 8531 8654
SOURCE Suntech Power Holdings Co., Ltd.
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