Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

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

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers


February 13, 2016 9:17 PM ET

Semiconductors and Semiconductor Equipment

Company Overview of Suntech America, Inc.

Company Overview

Suntech America, Inc. manufactures and markets building integrated photovoltaic solar products in North America. The company was founded in 2006 and is based in San Francisco, California. It has a facility in Wuxi, China. Suntech America, Inc. operates as a subsidiary of Suntech Power Holdings Co. Ltd. On January 12, 2015, Suntech America, Inc., along with its affiliate, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware.

71 Stevenson Street

10th Floor

San Francisco, CA 94105

United States

Founded in 2006

Phone:

415-882-9922

Fax:

415-882-9923

Key Executives for Suntech America, Inc.

President
Director of Structured Finance and Director
Managing Director
Compensation as of Fiscal Year 2015.

Suntech America, Inc. Key Developments

Combined Liquidation Plan & Related Disclosure Statement Filed by Suntech America, Inc.

Suntech America, Inc. filed liquidation plan and related disclosure statement in the US Bankruptcy Court on November 17, 2015. As per the plan filed, administrative expense claims shall receive payment in full in cash. Fee claims of $1.90 million, priority tax claims in the range of $0.30 million and $0.45 million and statutory fees shall be paid full in cash on the effective date. Secured claims, priority non-tax claims will have a recovery of 100%. Secured claimants will get either payment full in cash or treatment consistent with the provisions of section 1129(a)(9). Priority non-tax claims shall receive payment full in cash. General unsecured claims of $6 million will get recovery of 30% by pro-rata share of $1.75 million plus balance of committee fee account and in addition, pro-rata share of 15% of total value of additional assets. General unsecured claims of Solyndra and Wuxi of $360.44 million shall get recovery of 2.86% through payment on the effective date. In addition, creditors shall be entitled to additional distributions of 40% of the total value additional assets to Solyndra and 20% to Waxi. Products liability claims shall obtain relief from stay and the injunctions provided by the plan for the purposes of establishing the liability in order to pursue recovery solely against the debtor's insurance policies with third party. Affiliate claims of $19.80 million will get payment after all the other classes get paid and shall be entitled to receive 25% of any additional assets recovered by debtor's estates. Intercompany claims of $52.30 million will not receive any distribution under the plan. Equity interests holders will get remaining cash and assets, if any, after all of the distributions contemplated by the plan have been made. The plan will be funded through available cash in hand and assets of the debtor. Debtor filed revised liquidation plan and related disclosure statement in the US Bankruptcy Court on January 12, 2016. As per the revised plan, US trustee fees has been estimated at $0.10 million. Tax claims pertaining to California Board of Equalization has been estimated at $0.50 million. Treatment of all the classes of claims remains same as per the previous plan. Debtor filed second revision to the combined plan of liquidation and disclosure statement in the US Bankruptcy Court on January 14, 2016. Treatment of all the classes of claims remains same as per the previous plan.

Motion for Asset Sale Approved for Suntech America, Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of Suntech America, Inc. on May 11, 2015. The debtor has been authorized to sell certain assets to Deltro Electric Ltd. pursuant to the asset purchase agreement dated April 24, 2015, for a purchase price of $0.55 million in cash. The debtor’s assets include those assets located at Suite F of Goodyear One building and used in, or relating to the business of production of solar panels. The offer of Deltro Electric is the highest and best offer received for the assets. On April 8, 2015, Deltro Electric wired $0.06 million to the debtor as a good faith deposit. Closing will occur no later than the later of May 15, 2015 or the date which is the first business day after the sale hearing. Michael Mazzuca of Gibson & Barnes LLP acted as legal advisor for Deltro Electric.

Similar Private Companies By Industry

Company Name Region
Willard & Kelsey Solar Group, LLC United States
indie Semiconductor United States
Aterra Energy Corporation, Inc. United States
Sensys Instruments Corporation United States
Renesas Electronics America Inc. United States

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Suntech America, Inc., please visit --. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.