Due to the insolvency proceedings by Suntech Power Holdings' main European sales operations, Suntech Power International based in Switzerland, the company has submitted creditor claims to the administrator overseeing the case.
In total, creditor claims stood at US$994.8 million. The largest amount was attributed to Wuxi Suntech, its main manufacturing and headquarters, which was already in bankruptcy. Wuxi Suntech was said to have creditor claims of US$454.3 million.
Power Solar Systems, Suntech’s principal subsidiary in the British Virgin Islands, had creditor claims of US$324.0 million, while other subsidiaries had claims totalling US$23.8 million.
Suntech Power International had creditor claims totalling US$192.7 million.
Suntech said in an SEC filing that its principal Japanese and Singaporean subsidiaries, Suntech Power Japan Corporation and Suntech Power Investment had been reorganised under Wuxi Suntech operations and bankruptcy proceedings.