In the long-running bankruptcy saga of once global leading PV manufacturer, Suntech Power Holdings its major overseas sales operations, Suntech Power International (SPI) based in Switzerland has ended the moratorium phase of insolvency proceedings.
The Swiss court ruling means that SPI is technically solvent and returns to the control of its Board of Directors.
However, the Swiss Administrator David Walker is expected to supervise and ensure agreements to creditors are properly administered, having arranged the payment of dividends to the creditors as part of the restructuring.
“The Court Order has closed a difficult chapter for SPI and we are pleased that the hard work of the SPI Board, the Swiss Administrator, the Chief Restructuring Officer of SPI Mr Robert Moon, and the creditors of SPI, who have been supportive throughout this process, has been recognised,” noted Walker in a statement. “This was an important milestone to the restructuring: SPI is a significant entity in Europe and an integral cog for the continued restructuring of the Group as a whole.”
Suntech Power Holdings continues bankruptcy proceedings in the Caymen Islands.