Suntech Power Holdings Co., Ltd. Announces Petition of Insolvency and Restructuring of its Chinese Subsidiary Wuxi Suntech Power Holdings Co., Ltd.

Wed Mar 20, 2013 8:00am EDT

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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 Company expects that the Court will decide whether or not to
accept the petition in the next few days.  

Wuxi Suntech is the Company's principal operating subsidiary in  China  engaged
in the manufacture of photovoltaic (PV) cells and PV modules. The Company has
additional cell and module production facilities at wholly owned or partially
owned subsidiaries in Wuxi,  Shanghai  and Luoyang and, in the event insolvency
and restructuring of Wuxi Suntech is approved by the Court, the Company intends
to continue production of solar products to meet customer orders. In addition,
management will work with any Court-appointed administrators to ensure all of
Suntech's product warranty obligations are met.  

"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."

The insolvency and restructuring procedure is designed to facilitate an orderly
restructuring plan for both Wuxi Suntech and its creditors. In such proceedings,
the Chinese court would typically appoint administrators to Wuxi Suntech to
administer the restructuring, including negotiations with existing bank lenders
and other creditors. Wuxi Suntech will apply to the Court to continue operations
under the supervision of the administrators.

Suntech Power Holdings Co., Ltd., the ultimate parent company of Wuxi Suntech,
has not commenced insolvency proceedings, nor have any of the Company's other
principal operating subsidiaries. The Company is not aware of any similar
proceedings regarding any of its other entities.

About Suntech

Suntech Power Holdings Co., Ltd. (NYSE: STP) produces solar products for
residential, commercial, industrial, and utility applications. With regional
headquarters in  China,  Switzerland, and  the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than 25,000,000 photovoltaic
panels to over a thousand customers in more than 80 countries. Suntech's
pioneering R&D creates customer-centric innovations that are designed to drive
solar to grid parity against fossil fuels. Suntech's mission is to provide
everyone with reliable access to nature's cleanest and most abundant energy

Safe Harbor Statement

This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements, and includes
the Company's ability to navigate near term challenges and realize long-term
potential in the solar industry. Further information regarding these and other
risks is included in Suntech's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. Suntech does not undertake
any obligation to update any forward-looking statement as a result of new
information, future events or otherwise, except as required under applicable

For media enquiries, please contact:

Shashin Surti
Weber Shandwick for Suntech
Phone: +86 21 2411 0046

SOURCE  Suntech Power Holdings Co., Ltd.

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