Suntech Files for Liquidation in Cayman Islands
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Suntech Power Holdings Co., the Chinese solar manufacturer whose main unit was dragged into bankruptcy in March, filed for provisional liquidation in the Cayman Islands and may also seek protection from creditors in the U.S.
The Cayman Islands petition, where the company is incorporated, will provide time to complete restructuring negotiations, Suntech said in a statement yesterday. If approved, the company will consider filing for Chapter 15 bankruptcy protection in the U.S., where its American depositary receipts are listed and it has public debt.