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  • junkbondinvestor junkbondinvestor Mar 10, 2013 1:15 PM Flag

    Chinese news: Suntech is officially filing Bankruptcy

    Translation of the story:

    "According to local politicians to disclose the "China Business" reporter, if nothing unexpected happens, Suntech, Suntech's core assets will be between March 15 to March 20, the official launch of the bankruptcy proceedings, Wuxi Guolian Development (Group ) Co., Ltd. (hereinafter referred to the Wuxi Guolian, was established on May 8, 1999, the Wuxi Municipal People's Government funded the establishment of investment subject qualification granted to state-owned assets of state-owned enterprises Group) will take over and led after the reorganization, it will Suntech to take full control of the parent company or its industry in the form of investment funds."

    Have fun longs...

    Sentiment: Strong Sell

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    • wenming Mar 11, 2013 1:26 AM Flag

      After file bankruptcy, STP will be controlled by WuXi government.

    • Is the original conversion rate being used for the bonds? If so, each bond is probably worth about 60 cents. Or does it mean that the conversion is based upon the closing price of the stock on March 15th?

    • Here is the different news from Solarzoom, which said WuXi Suntech is not going to bankrupt, but only three other child companies in other places may will be bankrupted. Again, don't know which news is the final decision from STP, make your own judgement, don't trust anybody.
      无锡尚德有望保留 三家子公司或破产重组
      2013-3-9 23:04| 发布者: starryjuan| 查看: 1866| 评论: 0|来自: Solarzoom

      Solarzoom光伏太阳能网讯 尚德5.75亿美元可转债危机刚刚得以缓和,媒体又传出无锡尚德将在本月15日至20日间,正式启动破产保护程序,国有独资企业无锡国联将接手重组工作。


      据无锡市政府消息人士透露,截止周四下午五点之前,摆在无锡市委书记黄莉新案头上的议案是关于“如何合理处理尚德危机”,而三天之前的议案还是“尚德破产重组方案”。该人士称 “这预示着无锡尚德不会进入破产程序”。



    • shenjm_hw Mar 10, 2013 7:07 PM Flag

      original chinese news

    • stockpro15 Mar 10, 2013 7:05 PM Flag

      Restructuring is coming next week. bonds will be converted locally and listed company is saved. Translate suntech and search news, this is the latest news now in China.

    • I read the news in chinese also, it's actually a good news for the STP investors. From the news, it said it's WuXi Suntech that's going to file bankruptcy, not Suntech Power. Without WuXi Suntech, STP will become a company without much debt. Read the news yourself.

    • shenjm_hw Mar 10, 2013 2:04 PM Flag

      There's some translation problem about the above "chinese news".
      The wuxi suntech which is part of stp will go bankrupcy ,not the stp. This method will slow down the debt pressure for stp.
      Moreover, after the bankrupcy of wuxi stp, most of stp's business and factories will not be in china, so it will be less affected by the high tax which is only for chinese solar products.
      This is in fact good news

    • Please delete this post. Why make the puts more expensive tomorrow? I saw this too last night. The less english speakers know the less likely the puts will go up tomorrow

0.03520.0000(0.00%)Sep 11 3:59 PMEDT