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Shunfeng appointed as strategic investor for Suntech

By XIE YU in Shanghai | | Updated: 2013-10-10 08:55

The court-appointed administrators of Suntech have picked Hong Kong-listed Chinese solar manufacturer Shunfeng Photovoltaic International Ltd as the strategic investor of Suntech, the Information Office of Wuxi city government said in a statement sent to China Daily on Wednesday.

The administrators reviewed proposals of Shunfeng and another candidate - a consortium formed by China's top polysilicon producer, GCL-Poly Energy and Wuxi Guolian, the investment arm of the city government of Wuxi on Tuesday evening, and made the decision.

The administrations will communicate with creditors about the decision, and draft the restructuring plan as soon as possible. The strategic partner will be confirmed after the second creditors' meeting passed the restructuring plan.

Wuxi Suntech used to be China's biggest solar panel manufacturer. It filed for bankruptcy protection in China in March, five days after its New York-listed parent company defaulted on a $541 million dollar convertible bond.

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