Suntech Power Holdings is continuing to manufacture and now selling at lower costs to whoever will buy
This will destroy margins even more. So, Suntech Power hasn't shutdown but continues to manufacture solar sun panels but they are even selling it for less now to move inventory. This is damaging to the ENTIRE industry.
Hey theprinchipa49, you're right it's China, not the US. And I guess you don't understand that the Chinese courts are even stricter than those in the US? They were just forced into Bankruptcy last week and you think they should have stopped production already? How fast do you think these things move MORON!?
"STP's operations are now under control of the court. Even if STP wanted to produce at a loss, the court won't let them...."
Wow, this is China and they don't have the same court system as the US. And, it is business as usual and they still are selling at a loss. And, all reports say STP sales reps are trying to sell more by lower the price even more,.
Big yawn to Gordon. Of course they are still producing. BK doesn't mean immediately stop producing. But use your head. STP's operations are now under control of the court. Even if STP wanted to continue to produce at a loss, the court won't let them. If they can't pay their debt and continue to lose money, the court will force them to liquidate. If you believe anything else you're either stupid or been brainwashed.
Duh.....all reports say Wuxi city government will take over manufacturing and the bond holders will get almost nothing. Why do you think they hired a new president from a government-backed development company in Wuxi? So, there is NO INTENTION of closing shop, not with 10,0i00 jobs at stake:
Suntech named an executive from a government-backed development company in Wuxi to serve as its president March 19
Well according to reports from China, they don't tend to shut down as they have some 10,000 jobs in Wuxi to save.
Suntech said it remains in production. That means the company’s failure won’t do much to alleviate the global panel glut, said Gordon Johnson, an analyst with Axiom Capital Management Inc.
“That capacity continues to exist in the market, which is clearly not good for the market,” he said in an interview.
Four of the six top panel manufacturers are based in China. Suntech fell to fifth in production capacity last year behind China’s Trina Solar Ltd (TSL). and Yingli Green Energy Holding (YGE) Co., Tempe, Arizona-based First Solar Inc (FSLR). and Canadian Solar Inc (CSIQ)., according to Bloomberg New Energy Finance.
Suntech named an executive from a government-backed development company in Wuxi to serve as its president March 19. Zhou Weiping previously worked as chairman of Guolian Futures Co., a unit of Wuxi Guolian Development Group Co., which is partly owned by the regional authority.