Latest Suntech Power Stories

WUXI, China, March 21, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), or the "Company", today announced that the Wuxi Municipal Intermediate People's Court in Jiangsu Province, China has formally accepted the petition for the insolvency and restructuring of the Company's Chinese subsidiary Wuxi Suntech Power Co., Ltd. ("Wuxi Suntech"). The Court has appointed an administration committee, consisting of local government representatives and accounting and legal...

WUXI, China, March 20, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), or the "Company", today announced that on March 18, 2013, a group of eight Chinese banks filed a petition for insolvency and restructuring of its Chinese subsidiary Wuxi Suntech Power Holdings Co., Ltd. ("Wuxi Suntech") in the Wuxi Municipal Intermediate People's Court in Jiangsu Province, China. Wuxi Suntech today notified the Court that it will not file an objection against the petition. The...

Mr. Zhou Appointed President of Suntech WUXI, China, March 19, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest producers of solar panels, today announced it has appointed two new directors to the Company's Board of Directors effective immediately. Mr. Philip Fan has been appointed as an independent director and Mr. Weiping Zhou has been appointed as an executive director of the board and President of Suntech. With the new appointments,...

Note Holder Support for Consensual Restructuring Continues WUXI, China, March 18, 2013 /PRNewswire/-- Suntech Power Holdings Co., Ltd. (NYSE: STP) ("Suntech" or the "Company") today announced that it has received from the trustee of its 3% Convertible Notes (the "Notes") a notice of default and acceleration relating to Suntech's non-payment of the principal amount of US$541 million that was due to holders of the Notes on March 15, 2013. Such event of default has also triggered...

WUXI, China, March 14, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) (the "Company"), one of the world's largest producers of solar panels, announced that it has been contacted by the New York Stock Exchange, Inc. regarding today's unusual trading activity relating to its American depositary shares. Management of the Company is not aware of undisclosed events that triggered such trading activity. The Company is aware of recent market rumors and third party reports...

GOODYEAR, Ariz. and WUXI, China, March 12, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest producers of solar panels, will stop production at its Goodyear, Arizona, solar panel manufacturing facility on April 3, 2013, with forty-three employees affected. Higher production costs exacerbated by import tariffs on solar cells and aluminum frames imposed by the U.S. government, as well as global solar module oversupply, contributed to the...

WUXI, China, March 11, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest producers of solar panels, today announced that it has signed a forbearance agreement with the holders of more than 60% of the Company's 3% Convertible Notes (the "Notes"). Under the forbearance agreement, in the event the Company does not make payments due under the Notes on March 15, 2013, the signing bondholders agree not to exercise their rights under the Notes and...

WUXI, China, March 7, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd (NYSE: STP) ("Suntech"), one of the world's largest producers of solar panels, today announced that it has settled all outstanding disputes with GSF Capital Pte Limited ("GSF Capital") and Javier Romero in connection with a guarantee provided by GSF Capital to Suntech. As part of the settlement, GSF Capital will dispose of its entire ownership interest in Global Solar Fund, S.C.A., Sicar (the "Fund") for an...

WUXI, China, March 5, 2013 /PRNewswire/ -- The Board of Suntech Power Holdings Co., Ltd. (NYSE: STP) has issued a statement claiming it has purported to remove me as Executive Chairman. I respond as follows: 1. The Board's decision to purportedly remove me was misconceived and unlawful. The Board had no legal basis for doing so, and the decision was invalid and of no effect. The actions taken at this time by the rest of the Board show that they are not focused on the issues most...

WUXI, China, March 4, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest producers of solar panels, today announced that Ms. Susan Wang has been appointed chairwoman of the board of directors, effective immediately. A director of Suntech since April, 2009, Ms. Wang replaces Dr. Zhengrong Shi, who will remain a director of Suntech. The board thanks Dr. Shi for his contributions as chairman. "I'm pleased to have been elected chairwoman of...