Suntech Power Holdings' European subsidiary, Suntech Power International has gone to a court in its locality in Switzerland to stop bankruptcy proceedings.
The subsidiary has been granted a provisional moratorium for two months on creditor claims for payment by the court in Schaffhausen, Switzerland.
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“The goal of the provisional moratorium is to allow time to restructure debt, primarily inter-company debt. During this process, we are committed to continuing to deliver high-quality solar products to our customers in Europe,” said David King, Suntech's CEO.
Suntech's Chinese Wuxi subsidiary recently entered bankrputcy proceedings after Suntech defaulted on repayment of a US$541 million bond.
In a separate statement, Suntech Power International said that the Schaffhausen court has appointed Holenstein Law to initiated to the possibility of restructuring Suntech’s European operations.