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Insolvency and restructuring proceedings are to go ahead for Suntech’s main operations in China.
The Suntech Power Holdings saga has quickly led to questions being asked of the financial health of other leading China-based PV manufacturers.
Suntech Power Holdings has revealed that a group of eight Chinese banks have filed a petition for insolvency and restructuring of the company’s main manufacturing subsidiary, Wuxi Suntech.
GCL-Poly will use Yingli Green’s PV modules for its project pipeline that stands at around 1GW in a major new pact between the two companies.
In a newly created position, Suntech Power Holdings has appointed a senior executive from a Wuxi Guolian state owned investment company to the board of directors and president of the company, with immediate effect.
Chasing higher margin business in Japan, India and Thailand in the fourth quarter of 2012 resulted in Hanwha SolarOne’s sales in Germany plummetting to only 8% of total sales, down from 39% in the third quarter.
PV materials start-up, SolarExcel based in the Netherlands has been acquired by major industrial materials form, DSM for an undisclosed sum.
German PV developer Würth Solar, part of the larger industrial group Würth, has announced plans to outsource most of its solar business to BayWa and an unnamed second partner.
Suntech Power Holdings default on paying back its US$541 million convertible note last week has triggered cross-defaults on other loans, according to the company.
Long-standing and third ranked LDK Solar executive, Dr. Liangbao Zhu has resigned from the company with immediate effect.
An ad hoc group of bondholders that together own more than 63% of Suntech Power Holdings’ overdue US$541 million convertible note have urged the remaining bondholders to join them in talks with the PV module manufacturer to restructure the loan.
China-based solar wafer and module manufacturer ReneSola has revealed it is sold out of modules until June 2013 as it reported record quarterly and annual shipment results.
Suntech Power Holdings officially said for the first time that it would not pay holders of its US$541 million convertible bonds due today.
The US is emerging as an increasingly major player in the global solar market at unprecedented scale, according to a new report released today.
The threat of anti-dumping duties within the EU has prompted Chinese tier 1 module producer ReneSola to prepare to outsource over 400MW of module production to unidentified third parties not based in China.