Shunfeng Photovoltaic Unit Chosen as Wuxi Suntech Bid CandidateBloomberg News
Jiangsu Shunfeng Photovoltaic Technology Co., a unit of Shunfeng Photovoltaic International Ltd., was chosen as a provisional candidate to invest in Wuxi Suntech Power Co.
Its bid was preferred over that of state-owned Wuxi Guolian Development (Group) Co. after the administrator of the main unit of Suntech Power Holdings Co. evaluated the offerings, according to a statement posted on the Wuxi municipal government website.
A final decision will be made after a restructuring plan is approved by creditors, it said without stating when. Jiangsu Shunfeng paid a deposit of 500 million yuan ($82 million), which is refundable should the bid fail, its parent said yesterday.
— With assistance by Feifei Shen