Suntech Japanese Unit Says Panel Supply Unaffected by Bankruptcy
Suntech Power Japan Corp., a unit of Suntech Power Holdings (STP) Co., said its supply of solar panels in Japan won’t be affected by the bankruptcy filing against one of the company’s main plants in China.
The Japanese unit is supplied by a factory that isn’t covered in the bankruptcy petition filed by eight Chinese banks, according to the e-mailed statement. Suntech Power Holdings said it won’t object to the filing in Wuxi Municipal Intermediate People’s Court. Suntech defaulted last week on $541 million of bonds.
“Operations will go on as usual at Suntech Power Holdings, the parent company, as well as its units including Suntech Power Japan, despite the bankruptcy filing,” the Japanese unit said in the statement.
About three-fourths of Suntech’s total cell manufacturing capacity is in Wuxi, and about 1,200 megawatts of its 1,800 megawatt total can be attributed to the Wuxi Suntech unit, according to Suntech’s last annual report. The remaining capacity is in joint ventures. The unit makes both cells and panels.
Suntech’s corporate parent is incorporated in the Cayman Islands, and the unit in insolvency is a Chinese company. It has additional cell and module production in Wuxi, Shanghai and Luoyang.
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