August 26, 2016 7:46 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. The plan was later approved as Chapter 11 liquidation on April 27, 2016.

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 2016.

Suntech America, Inc. Key Developments

Second Revised Liquidation Plan Approved for Suntech America, Inc.

The US Bankruptcy Court approved the second revised plan of liquidation of Suntech America, Inc. on April 27, 2016. The debtor had filed its second revised plan in the Court on january 14, 2016. As per the revised plan, administrative expense claims and US Trustee fees of $0.1 million shall receive payment in full in cash. Fee claims of $1.90 million, priority tax claims of $0.9 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.

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.

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