Suntech Power Japan Becomes Wuxi Suntech Unit in RestructuringChisaki Watanabe
Suntech Power Holdings Corp., the Chinese maker of solar panels whose main unit was dragged into bankruptcy in March, has transferred shares in its Japan unit to Wuxi Suntech Power Co. as part of its restructuring.
Tokyo-based Suntech Power Japan, which had been a wholly-owned unit of Suntech Power, will continue to sell solar power generation systems and provide maintenance services in Japan, the unit said in an e-mailed statement today.
Wuxi Suntech was pulled into bankruptcy in March. A creditors meeting yesterday approved a plan for Wuxi Suntech to be acquired by Jiangsu Shunfeng Photovoltaic Technology Co., according to the statement.
A unit in Singapore also had its shares transferred to Wuxi Suntech, Suntech Power Japan said in the statement.