国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Companies

Wuxi court declares Suntech bankrupt

By Zheng Yangpeng and Du Juan | China Daily | Updated: 2013-03-21 03:34

Wuxi court declares Suntech bankrupt

Solar panels made by Suntech Power Holdings Co on an overpass in Wuxi, Jiangsu province. A court in Wuxi ruled on Wednesday that the debt-ridden company is bankrupt and must be reorganized, at the request of creditors. [Photo/Xinhua] 

Solar panel giant to 'reorganize'after it defaults on bond repayment

Suntech, one of the world's biggest solar panel manufacturers, was declared bankrupt on Wednesday, ringing alarm bells in the nation's solar industry.

Wuxi court declares Suntech bankrupt

Xinhua News Agency reported on Wednesday that a court in Wuxi, Suntech Power Holdings Co's base, had ruled that the company undergo "bankruptcy reorganization".

The announcement came two days after Suntech said it had defaulted on a $541 million bond payment.

The company has been badly hit by oversupply in the global market for solar cells and panels, as well as by trade disputes with the United States and Europe over alleged Chinese dumping and government subsidies to producers.

The board of the company ousted its founder, Shi Zheng-rong as chairman earlier this month.

The 21st Century Business Herald on Wednesday quoted sources as saying Shi had the support of the Wuxi government and could return to Suntech as part of the reorganization.

By the end of February, nine major Chinese commercial banks had lent Suntech a total of 7.1 billion yuan ($1.14 billion), Xinhua reported.

Shi founded Suntech in 2002 and took the company public three years later, becoming the world's first solar billionaire.

He obtained credit from China Development Bank Corp that helped him wrest control of the industry from German and Japanese competitors.

But a sharp drop in solar panel prices in recent years has wiped out the profits of solar panel makers around the world.

Suntech was also hurt by a report in July that a business partner faked $680 million in collateral for a loan Suntech had guaranteed.

 

Related Readings

Suntech 'could be sued' over $541m in unpaid bonds

Unusual share dealing keeps focus on Suntech

Suntech to shut lone US plant, blaming high costs

Suntech's fate dims amid conflict

Suntech gets $32m emergency loan from local gov't

 

Previous Page 1 2 Next Page

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
通州区| 兖州市| 崇礼县| 布拖县| 诏安县| 托里县| 乐至县| 滁州市| 定日县| 福建省| 湟中县| 浦城县| 镇康县| 溧水县| 汕尾市| 洪洞县| 沙洋县| 聂拉木县| 建瓯市| 峨眉山市| 额尔古纳市| 南木林县| 武乡县| 郓城县| 丹凤县| 建平县| 永新县| 上思县| 贡觉县| 博野县| 扎赉特旗| 昌邑市| 邵阳市| 华蓥市| 边坝县| 富蕴县| 城步| 阳泉市| 朔州市| 襄汾县| 秀山|