Suntech Has $541 Million Confirmed Debt Claims, Government SaysBloomberg News
The restructuring administrator of Suntech Power Holdings Co.’s Wuxi unit, which was forced into bankruptcy in March, has confirmed 3.32 billion yuan ($541 million) of debt claims, the Wuxi city government said.
Administrators have reviewed 300 out of 529 debt claims as of May 20, the Wuxi city government said in a statement.
Suntech, once the top solar-panel manufacturer, may become the largest renewable-energy insolvency after its main manufacturing unit was pulled into bankruptcy by Chinese banks on March 20 following a default on a $541 million bond repayment. The eastern Chinese city is considering how to restructure Wuxi Suntech’s debts.
The Wuxi Municipal Intermediate People’s Court held its first meeting with Suntech creditors yesterday afternoon, the statement said. Creditors have claimed a total of 17.4 billion yuan of debts owed by Wuxi Suntech, the Economic Observer reported on its website late yesterday, citing an unidentified person at the debt restructuring committee.
— With assistance by Helen Yuan