Suntech subsidiary granted definitive moratorium

theflyonthewall.com

Suntech announced that Suntech Power International, the company's principal operating subsidiary in Europe, has been granted a definitive moratorium on creditor claims from the judicial authorities in Schaffhausen, Switzerland. The moratorium is for a six month period and may be extended thereafter. Previously, on April 9, SPI had been granted a provisional moratorium for two months on creditor claims as a result of over-indebtedness. The majority of SPI's debt is Suntech inter-company debt. Other than the insolvency and restructuring of Suntech Holdings' Chinese subsidiary Wuxi Suntech Power and the SPI composition proceedings, Suntech Holdings is not aware of any similar proceedings regarding any of its other entities.

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