Suntech Adds Two New Board Members
WUXI, China, July 30, 2013
WUXI, China, July 30, 2013 /PRNewswire/ --Suntech Power Holdings Co., Ltd.
(NYSE: STP) ("Suntech Holdings" or the "Company"), one of the world's largest
solar companies, today announced that it has appointed two new members to the
Company's Board of Directors, Mr. Michael Nacson and Mr. Kurt Metzger. The two
Board members were nominated by the holders of the Company's 3% Convertible
Notes as a condition of the Forbearance Agreement announced on June 28th. The
additions bring the total number of board members to nine.
Mr. Nacson has more than 25 years of senior management and board-level
experience in the Asia-Pacific region and has worked extensively with
businesses with distressed debt and undergoing corporate restructuring. Mr.
Nacson is currently a Principal at CSL, an Asia-based corporate transactions
advisory company and outsourced CFO provider. He has previously held positions
as a Managing Director, CFO, CRO, CPO, executive and non-executive director of
a number of Asia Pacific companies in the technology, chemical, real-estate,
business consulting, manufacturing, finance, electronics, communications and
transportation industries. Educated in the UK, Mr. Nacson previously worked as
a Partner in Arthur Andersen's Hong Kong Corporate Restructuring Practice.
Mr. Metzger has over 20 years of senior management experience providing
financial services and counsel to financially distressed companies and growth
stage companies. He is currently a principal at GEM Advisory, a management
consulting company, and has held positions as a CRO and CFO in alternative
asset management, bio-energy, petrochemical, textiles, IT and clean energy
investment companies. Previously, Mr. Metzger worked for Ferrier Hodgson, a
leading financial advisor for corporate debt, restructuring and turnaround
management. Prior to that, he spent 16 years with Fleet Boston Financial Corp
where he last served as the Deputy MD, Asia Fixed Income. Mr. Metzger holds a
BA in Economics with a concentration in Alternative Energy from Brown
Ms. Susan Wang, the chairperson of Suntech's board, said, "We would like to
welcome our two new board members. Messrs. Nacson and Metzger come with
credentialed experience in restructuring and, in my view, will help benefit
Suntech in the coming months."
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 the Company to complete a restructuring. 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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