Suntech Unit Gets New Creditor Reprieve From Swiss Courts
Suntech Power Holdings Co. (STPFQ), the Chinese solar manufacturer involved in bankruptcy proceedings, said Swiss judicial authorities extended a moratorium on credit claims made against its European unit until June 19, 2014.
Suntech Power International Ltd. will gain additional time to restructure debt and reach an agreement with creditors, its parent said today in a statement on its website. The unit was granted a six-month moratorium extension on the claims in June.
Wuxi Suntech Power Co. Suntech’s main unit, was forced into bankruptcy proceedings by Chinese banks after it missed a bond payment in March. Shunfeng Photovoltaic International Ltd. (1165) agreed to buy the unit on Nov. 1 for 3 billion yuan ($494 million).
Suntech was once the world’s biggest supplier of solar panels.
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