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Suntech rises on buyout rumors

By Xie Yu in Shanghai | China Daily | Updated: 2013-04-10 09:30

The insider said several strategic investors have shown interest in the business, focusing on the Suntech brand, its influence on the market, and the quality of its products.

A creditors' meeting will be held in late April, the insider added.

Earlier reports said the State-owned Wuxi Guolian Development (Group) Co was ready to acquire the company wholly or partially.

Suntech Power Holdings announced in late March that it had submitted a petition for the insolvency and restructuring of Wuxi Suntech, after it defaulted on a $541 million bond repayment.

A local court has appointed an administration committee, consisting of local government representatives and accounting and legal professionals to administer the restructuring.

The primary goal is to restructure Wuxi Suntech's debt obligations, while continuing production and operations, Suntech said in a recent statement.

Wuxi Suntech is Suntech's principal operating subsidiary in China engaged in the manufacture of photovoltaic cells and PV modules.

It will continue operations through the restructuring period, the company said.

Chinese solar companies have been severely hit due to a supply glut, alternative-energy subsidy cuts in Europe, and also the imposition of hefty anti-dumping and anti-subsidy duties in the US.

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