Suntech Unit May Seek Bankruptcy Protection, Business Says
Wuxi Suntech Power Co. , a unit of Suntech Power Holdings Co., may seek bankruptcy protection between March 15 and March 20, the China Business Journal reported, citing a person it didn’t identify.
State-owned Wuxi Guolian Development (Group) Co. plans to acquire the stakes in the unit afterwards and lead its restructuring, the report said.
Suntech declined to comment on the report. Two calls to Wuxi Guolian went unanswered.
To contact the reporter on this story: Feifei Shen in Beijing at firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com