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

July 7, 2025
The board of REC Silicon is running out of time on a buyout offer by Korean conglomerate Hanwha previously dismissed as "lowball".
Premium
July 7, 2025
Collecting project performance data and managing cybersecurity concerns is no simple task for many project managers.
July 7, 2025
ReNew has received a non-binding final acquisition offer from a consortium at US$8 per share, which is 13.2% more than their earlier offer.
July 7, 2025
Chinese energy giant China Petroleum and Chemical Corporation, also known as Sinopec, has commenced operations at a 7.5MW offshore floating PV plant in China.
July 7, 2025
GameChange Solar has announced plans to supply trackers for the 1GW second phase of the Abydos project in Egypt.
July 7, 2025
Private equity firm Ardian has completed the acquisition of French independent power producer Akuo, a transaction unveiled in March 2025.

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