Suntech Power has said it intends to appeal a decision by NYSE Regulation, the oversight body of the New York Stock Exchange, to delist the company’s American Depository Shares.
Earlier this month NYSE Regulation said it was taking the action due to uncertainties surrounding Suntech’s ongoing restructuring, arising from financial difficulties the company encountered when it defaulted on a US$540 million bond earlier this year.
Trading of the Suntech Power shares have since been suspended.
Suntech Power is fighting to stay afloat on numerous fronts. The company has filed for liquidation in the Cayman Islands, where it is incorporated, and is also considering voluntary Chapter 15 liquidation in the US to protect itself from creditors.
Meanwhile, its Chinese manufacturing subsidiary, Wuxi Suntech, has recently been approved by a Chinese court for sale to rival manufacturing firm Shunfeng Photovoltaic International, even though liquidators in the Cayman Islands maintain any sale must first be rubber-stamped by Power Solar Systems, another subsidiary of Suntech Power.
Suntech Power said it believed the NYSE would make a final determination on the trading of its American Depositary Shares by early 2014.