Suntech’s manufacturing subsidiary in Wuxi forced into bankruptcy proceedings by banks

Facebook
Twitter
LinkedIn
Reddit
Email

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.

The struggling company said that it would not file an objection against the petition, kick-starting insolvency and restructuring proceedings as the company had over US$2.0 billion in debts.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Wuxi Suntech is expected to apply to the court to continue operations under the supervision of the administrators, according to Suntech Power Holdings.

“While we evaluate restructuring initiatives and strategic alternatives, we are committed to continuing to provide high-quality solar products to our global customer base,” said David King, Suntech's CEO. “During this period, we will continue to work closely with all of our stakeholders and take the necessary steps to put Suntech back on track for growth.”

Suntech noted that it owned or partially owned other subsidiaries in the regions of Wuxi, Shanghai and Luoyang that have not been forced into bankruptcy at this time. This was said to allow the company to continue production of solar cells and modules to meet customer orders.

The company also said that it would work with any court-appointed administrators to protect its product warranty obligations.

Suntech expects the Wuxi Municipal Intermediate People's Court in Jiangsu Province to decide whether or not to accept the insolvency petition by the banks in the next few days.

Read Next

Premium
July 15, 2025
Virtual power plants are emerging as a potentially critical means of meeting the growing power demands from data centres in the US.
July 15, 2025
D.E. Shaw Renewable Investments (DESRI) has started construction at a 150MW solar-plus-storage project in the US state of New Mexico.
July 15, 2025
The US Department of Commerce (DoC) has initiated an investigation into the imports of polysilicon and its derivatives.
July 15, 2025
Indian renewable energy company SAEL Industries is developing a 5GW solar cell and 5GW module manufacturing facility in Greater Noida, Uttar Pradesh.
July 15, 2025
Greater policy clarity will be needed if Germany is realise its FPV potential, according to a report from Fraunhofer ISE.
July 15, 2025
Poland has awarded 1.6GW of solar PV in this year’s renewable energy auction, according to the country’s Energy Regulatory Office.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK