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At 8:30 in the morning on Thursday, hundreds of thousands of young people with usual down the company shuttle bus, enter the suntech power company door to work. Estimated that many people didn't know that this, the world's largest maker of polycrystalline silicon photovoltaic cells - suntech power holdings (STP. N: quote), the main production base is in the process of bankruptcy reorganization since Thursday.
A, according to people familiar with wuxi local government intends to help the has been praised as a "name card",cheap oakley sunglasses; of wuxi suntech's star enterprise, the project has been set, but the wuxi city government's state-owned investment company, the league of nations group may participate in the restructuring plan.
Although group wuxi city government and the league of nations that don't want to comment, but from the company employees, suppliers and industry insiders all reaction, we currently do not seem to believe that suntech once the MAC will disappear in the future, still full of expectation about the future of the company.
"My view is that (suntech) won't go away," consultancy Gu Limin iSupply analyst pointed out that the company restructuring, there is hope, through the blocks to shed their debts, and assets, and believe that suntech will stand up again.
Suntech power holdings, announced on Thursday, in wuxi city,cheap oakley sunglasses, jiangsu province intermediate people's court has formally accepted the creditor Banks to the company's Chinese subsidiary wuxi suntech power co., LTD to apply for bankruptcy reorganization. The court has appointed a representative of the local government, accounting and legal professionals to lead the management committee of suntech's restructuring. Affected, the company's shares fell nearly 25% on the day on Thursday, closed at $0.44,oakley sunglasses sale.
Bankruptcy reorganization procedures refers to suntech and its creditors to formulate and implement the restructuring plan, the main purpose is to suntech's debt restructuring and maintain the production and operation. Wuxi daily reported on Thursday quoted saying creditor Banks, wish suntech power through the bankruptcy reorganization, integration of the effective assets and operations management to camp, to seek the right strategic reorganization of the third parties, debt restructuring, technological innovation, the authors efficiency, asset disposal, effectively expand domestic and foreign two markets, revitalize the assets, and strive to make the enterprise.
As of the end of February, industrial and commercial bank (601398. SS: quote) (HK: quote), bank of China (601988. SS: quote) (HK: quote), agricultural bank of China (601288. SS: quote) (HK: quote) and so on nine creditor Banks to suntech in local and foreign credit balance of nearly 7.1 billion yuan,cheap oakley sunglasses. Owed to Banks, the bank debt maturing, considering the real situation and suntech to overdue credit has not yet put forward the feasible proposal, therefore put forward to court bankruptcy reorganization.
For the city government will participate in suntech reorganization asked, government press offices in wuxi city, a source told Reuters on Thursday, was not aware. He also said that in the future if have the suntech restructuring information, should be released by the league of nations group.