UPDATED: The bankrupt main manufacturing subsidiary if Suntech Power Holdings is reported to have debts of over US$2.8 billion.
According to reports, creditor meetings of bankrupt Suntech Wuxi have revealed that the subsidiary has debts of more than US$2.8 billion, including US$1.2 billion to 12 banks.
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The reports also claim that over 600 creditor claims were lodged with the bankruptcy court of which 529 were accepted.
Update.
In a statement, Wuxi Intermediate court said that 460 representatives attended Suntech Wuxi’s first creditors meeting on May 22, 2013.
A creditors committee with a chairman was also appointed, headed by Bank of China.
Under the bankruptcy reorganization, Suntech Wuxi has already been able to reduce inventory and production costs, though details were not provided.
As of May 15, 2013 a total of 529 creditors have been listed by the court from over 600 notification claims received.
A claims review process instigated by the court has completed the review of 300 claims as of May 20, 2013, which accounts for 33.16 billion yuan in claims. However, 125 million yean of claims has already been rejected.
The court administrator noted that some of the larger creditors did not file claims until later in the process and with an overhang of claims still being processed and assessed the final creditor list and debt recognition would not be expected until early June.
The next phase of reorganization was to draft a recovery plan for the company.