Suntech's European Subsidiary Granted Provisional Moratorium

Wed Apr 10, 2013 7:30am EDT

* Reuters is not responsible for the content in this press release.

For best results when printing this announcement, please click on the link

WUXI,  China,  April 10, 2013  /PRNewswire/ -- Suntech Power Holdings Co., Ltd.
(NYSE: STP) ("Suntech Holdings" or the "Company") today announced that Suntech
Power International Ltd. ("SPI"), the Company's principal operating subsidiary
in  Europe, has been granted a provisional moratorium for two months on creditor
claims by the judicial authorities in Schaffhausen, Switzerland. SPI had applied
for the provisional moratorium as a result of over-indebtedness, a requirement
under local law and regulations. The majority of SPI's debt is Suntech
inter-company debt. The court has appointed an administrator to assess SPI's
financial condition and the prospects of reaching a composition agreement with
creditors to restructure SPI's outstanding debt. SPI will continue its
operations and serve its European customers during this period.

"The goal of the provisional moratorium is to allow time to restructure debt,
primarily inter-company debt. During this process, we are committed to
continuing to deliver high-quality solar products to our customers in  Europe,"
said  David King, Suntech's CEO.

Other than the insolvency and restructuring of Suntech Holdings' Chinese
subsidiary Wuxi Suntech Power Co., Ltd. and the SPI composition proceedings,
Suntech Holdings 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
SPI's ability to enter into a composition agreement with creditors and
restructure its debt. 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

SOURCE  Suntech Power Holdings Co., Ltd.

Weber Shandwick, Shashin Surti, +86-21-2411-0046, for
Suntech Power Holdings Co., Ltd.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.