* To meet creditors in Wuxi on May 22
* Seeks more time to restate statements for 2010, 2011
* Says revenue for 2012 nearly halved to $1.63 bln
May 1 Suntech Power Holdings Co Ltd,
whose main unit is in insolvency proceedings, said it would
delay filing full-year results for 2012 as it needed more time
to restate financial statements for the previous two years.
Suntech, which said revenue fell by an estimated 48 percent
in 2012, had planned to file the restated results by April 30
but said it would need more time to assess the impact of
restructuring at its main unit in China, a moratorium on debt
repayments in Europe and its ongoing discussions with holders of
3 percent convertible notes.
Suntech said it would meet creditors of its main
manufacturing unit in China, Wuxi Suntech, on May 22.
Chinese banks that lent to Wuxi Suntech dragged the unit
into insolvency proceedings in March, after Suntech failed to
meet a $541 million payment on the 3 percent notes.
A majority of the noteholders have agreed not to exercise
their rights until May 15.
"We are making progress and are evaluating solutions that
will take into account the rights and interests of all of our
stakeholders," CEO David King said in a statement, adding that
company was underataking a a number of restructuring
Suntech has not released quarterly results since the second
quarter of 2012, and had reported losses for the four quarters
before that amid a relentless fall in prices for solar panels.
Suntech determined that its financial results between 2010
and the first quarter of 2012 could no longer be relied upon
after it found that German bonds pledged as collateral by a
partner in a solar development fund did not exist.
Suntech struck a deal with the partner, GSF Capital Pte Ltd,
and its founder Javier Romero earlier this year. The settlement,
however, does not involve any admission of liability.
The company said on Wednesday it needed more time to restate
its results as reassessment of GSF's audited financials and
other matters had not been completed.
"The underlying legal dispute has been settled but I can
understand that the associated accounting is extremely complex
and requires more time to be finalized," Raymond James analyst
Pavel Molchanov said.
Suntech estimated fourth-quarter revenue of about $358
million. It reported $629 million a year earlier.
Revenue for 2012 nearly halved to $1.63 billion, the company
said on Wednesday.
Suntech shares were down about 4 percent at $66 cents on the
New York Stock Exchange on Wednesday.