More than 500 local creditors, including banks and suppliers, claimed on Wednesday in the first court meeting that bankrupt Wuxi Suntech owed them $2.5 billion, reports Reuters. The claims will be reviewed and verified by the appointed debt administrator, the news agency says.
On Wednesday, the first court meeting with Wuxi Suntechs creditors and the debt administrator was held in the Chinese city of Wuxi to inform them about the status of the debt restructuring process.
"We will complete the drafting of the restructuring plan and choose a strategic investor as soon as possible," a spokesperson for the debt administrator said in a statement after the court meeting.
Until now $538 million of domestic debt have been claimed by 300 creditors, added Reuters. The debt registration process is expected to be completed by the end of June.
On March 18, the Chinese photovoltaic cell and module manufacturer filed for insolvency on March 18. A local court appointed an administration committee made up of local government representatives and accounting and legal professionals to manage the debt restructuring process, which is expected to last months.
Parent company Suntech Power Holdings Co Ltd. had defaulted on $541 million worth of 3% convertible bonds less than one week earlier.
Last week foreign creditors agreed with Suntech Power to "further defer bond obligations," as they vigilantly observe the domestic debt restructuring, according to Reuters.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.