Suntech Commences Proceeding in the Cayman Islands

              Suntech Commences Proceeding in the Cayman Islands

PR Newswire

WUXI, China, Nov. 6, 2013

WUXI, China, Nov. 6, 2013 /PRNewswire/ --Suntech Power Holdings Co., Ltd.
(NYSE: STP) ("Suntech" or the "Company"), one of the world's largest solar
companies, today announced it has filed an application for a provisional
liquidation with the Grand Court of the Cayman Islands, the jurisdiction of
its incorporation.

In the event the Grand Court grants the Company's application, restructuring
professionals selected by the Company would be appointed to work with the
Company's Board of Directors to continue progressing a restructuring of the
Company. By commencing such proceeding in the Cayman Islands, the Company will
have the benefit of protection and additional time to complete negotiations
and conclude the restructuring in the best interests of all stakeholders. The
Company will consider pursuing a Chapter 15 filing in the United States
following the grant of the application in the Cayman Islands to obtain similar
protections in the United States.

As previously announced, the Company has reached an understanding with its
Creditor Working Group which includes implementing a recapitalization plan
that contemplates a scheme of arrangement. The principal components of the
restructuring scheme would include, among other things, the exchange of
outstanding debt into the Company's equity and the introduction of a new
strategic investor that will provide necessary funding to complete the
restructuring process.

The company will continue to work to progress the restructuring efforts in
conjunction with the interests of all stakeholders and in cooperation with all

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 obtain a provisional liquidation in
the Cayman Islands and Chapter 15 in the United States, the ability to
complete negotiations with the Creditor Working Group, the ability to complete
a scheme of arrangement, and the ability 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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