HONG KONG Oct 25 Hong Kong-listed solar
investor Shunfeng Photovoltaic International Ltd has
signed a framework restructuring agreement with the debt
administrator of New York-listed Suntech Power's main China
unit, two sources familiar with the matter said on Friday.
Creditors of Wuxi Suntech, which has racked up total debts
of $1.75 billion, will vote on the restructuring proposal at a
meeting around mid-November, the sources told Reuters. They
requested anonymity as they were not authorised to discuss the
matter with media.
Shares of Shunfeng were suspended from trading on Friday
pending an announcement related to a proposed acquisition by the
company, Shunfeng said in a filing with the Hong Kong bourse.
Spokespeople for Shungfeng and Wuxi Suntech could not
immediately be reached for comment.
The company, which earlier this month said it has been
chosen as the preferred bidder for a stake in Wuxi Suntec,
described the potential acquisition as substantial, but gave no
Crushed by a global glut of solar panels following the
international debt crisis, Wuxi Suntech filed for bankruptcy
protection in China in March, five days after its New
York-listed parent company defaulted on a $541 million dollar