Oct. 10 (Bloomberg) -- Jiangsu Shunfeng Photovoltaic Technology Co., a unit of Shunfeng Photovoltaic International Ltd., was chosen as a provisional candidate to invest in Wuxi Suntech Power Co.
Its bid was preferred over that of state-owned Wuxi Guolian Development (Group) Co. after the administrator of the main unit of Suntech Power Holdings Co. evaluated the offerings, according to a statement posted on the Wuxi municipal government website.
A final decision will be made after a restructuring plan is approved by creditors, it said without stating when. Jiangsu Shunfeng paid a deposit of 500 million yuan ($82 million), which is refundable should the bid fail, its parent said yesterday.
To contact Bloomberg News staff for this story: Feifei Shen in Beijing at email@example.com
To contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org