Suntech Announces Update on Subsidiary Share Transfers and Restructuring
WUXI, China, Dec. 10, 2013
WUXI, China, Dec. 10, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd.
(OTC: STPFQ) (the "Company" or "Suntech") today announced that on November 14,
2013, the Joint Provisional Liquidators ("JPLs") of the Company passed a sole
shareholder's resolution placing Power Solar System Co., Ltd. ("PSS"), an
immediate subsidiary of the Company, into liquidation pursuant to the
Insolvency Act of the British Virgin Islands ("BVI"), the jurisdiction of its
incorporation. Liquidators have since been appointed over PSS.
On November 11, 2013, the JPLs had issued an announcement:
oReferring to Suntech's Form 6-K filing dated July 19, 2013 which disclosed
certain transfers and disposals of the shares of Suntech Power Japan
Corporation ("Suntech Japan") and Suntech Power Investment Pte., Ltd.
("Suntech Singapore") to Wuxi Suntech Power Co., Ltd. ("Wuxi Suntech")
purportedly made in connection with intragroup debt restructuring (the
"Purported Share Disposals"). Both Suntech Japan and Suntech Singapore
were owned by PSS which may have been insolvent under the laws of the BVI,
and as such, the Purported Share Disposals undertaken by PSS may be
voidable under BVI Law; and
oIndicating they were also aware of the Hong Kong Stock Exchange
announcement made by Shunfeng Photovoltaic International Ltd. on November
1, 2013 in relation to its proposed purchase of the entire equity interest
of Wuxi Suntech by its subsidiary Jiangsu Shunfeng Photovoltaic Technology
Co., Ltd. ("Jiangsu Shunfeng"). PSS is the 100% shareholder of Wuxi
Suntech, and any transfer or disposal of Wuxi Suntech's shares requires
the prior written agreement and consent of PSS.
The JPLs and the PSS liquidators have indicated that they are continuing to
investigate the Purported Share Disposals and the proposed purchase of PSS's
equity interest in Wuxi Suntech by Jiangsu Shunfeng. The JPLs and PSS
liquidators will take such steps as may be necessary on the basis of legal
advice and court directions, as appropriate, to remedy any improper actions
which have caused loss to Suntech, PSS and their creditors.
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 to void the Purported Share Disposals and the status
of any transfer or disposal of Wuxi Suntech's shares. 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 Director
Ph: +86 510 8531 8654
SOURCE Suntech Power Holdings Co., Ltd.
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