Suntech Power Holdings Co (NYSE: STP)

[CityFarmer]

I didn't find the company thread, so I start a new one.

Solar power was once a hot sector, but it seems a lot of companies in this sector facing financial issues...

DJ China's Suntech Power Plans U.S. Bankruptcy Filing

By Katy Stech
China's onetime solar-power giant Suntech Power Holdings Co. plans to file for bankruptcy protection in U.S. court as its leaders negotiate with the holders of more than $500 million in U.S. convertible bonds, according to people familiar with the matter.

Suntech Power Holdings, which was once the world's largest solar panel maker, defaulted on its U.S. debt in March, and financial professionals in the Cayman Islands--where the holding company is incorporated--have been trying to negotiate a repayment plan with bondholders.

Suntech plans to file for protection under Chapter 15, the section of the Bankruptcy Code that deals with international insolvencies. If recognized by a U.S. judge, the solar panel maker will receive the benefits of U.S. bankruptcy law, including the so-called automatic stay that halts lawsuits and prevents creditors from seizing assets. The filing is expected by Feb. 21, according to the people familiar with the matter.

A Suntech spokesman couldn't be reached for comment.

Ref: Dow Jones

[BlueKelah]

I thought that they already defaulted a year ago and also kena delisted??? How come take so long to file for Chapter 15

I was thinking this was the TIP of the iceberg of China's MNCs and was gonna be the start of a huge chinese bond default together with the property crash.. Looks like maybe that wont be happening until sometime in the future.


Gotta love the way the gamen there subsidise lousy companies just to "save face" to the rest of the world.

[CityFarmer]

I didn't find the company thread, so I start a new one.

Solar power was once a hot sector, but it seems a lot of companies in this sector facing financial issues...

DJ China's Suntech Power Plans U.S. Bankruptcy Filing

By Katy Stech
China's onetime solar-power giant Suntech Power Holdings Co. plans to file for bankruptcy protection in U.S. court as its leaders negotiate with the holders of more than $500 million in U.S. convertible bonds, according to people familiar with the matter.

Suntech Power Holdings, which was once the world's largest solar panel maker, defaulted on its U.S. debt in March, and financial professionals in the Cayman Islands--where the holding company is incorporated--have been trying to negotiate a repayment plan with bondholders.

Suntech plans to file for protection under Chapter 15, the section of the Bankruptcy Code that deals with international insolvencies. If recognized by a U.S. judge, the solar panel maker will receive the benefits of U.S. bankruptcy law, including the so-called automatic stay that halts lawsuits and prevents creditors from seizing assets. The filing is expected by Feb. 21, according to the people familiar with the matter.

A Suntech spokesman couldn't be reached for comment.

Ref: Dow Jones

Finally filed for protection.

DJ Suntech Power Holdings Files for Chapter 15 Bankruptcy Protection

By Katy Stech
Suntech Power Holdings Co. filed for Chapter 15 bankruptcy protection Friday, in an attempt to stop some bondholders from interfering with professionals who are trying to turn Suntech from the world's former largest solar-panel maker into a seller of solar products.

Suntech, which owns pieces of companies that supported Suntech's solar-panel manufacturing operations, on Friday filed for Chapter 15 protection in the U.S. Bankruptcy Court in Manhattan. Chapter 15 protection is used by companies that are already restructuring in a foreign court but whose operations extended to the U.S. The filing blocks some unpaid bondholders--part of a group owed about $540 million--from forcing the company into liquidation in a U.S. Bankruptcy Court.
...

Ref: Dow Jones Newswires