Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Suntech Has $541 Million Confirmed Debt Claims, Government Says

Don't Miss Out —
Follow us on:

May 23 (Bloomberg) -- The restructuring administrator of Suntech Power Holdings Co.’s Wuxi unit, which was forced into bankruptcy in March, has confirmed 3.32 billion yuan ($541 million) of debt claims, the Wuxi city government said.

Administrators have reviewed 300 out of 529 debt claims as of May 20, the Wuxi city government said in a statement.

Suntech, once the top solar-panel manufacturer, may become the largest renewable-energy insolvency after its main manufacturing unit was pulled into bankruptcy by Chinese banks on March 20 following a default on a $541 million bond repayment. The eastern Chinese city is considering how to restructure Wuxi Suntech’s debts.

The Wuxi Municipal Intermediate People’s Court held its first meeting with Suntech creditors yesterday afternoon, the statement said. Creditors have claimed a total of 17.4 billion yuan of debts owed by Wuxi Suntech, the Economic Observer reported on its website late yesterday, citing an unidentified person at the debt restructuring committee.

To contact Bloomberg News staff for this story: Helen Yuan in Shanghai at hyuan@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.