Key Developments: Suntech Power Holdings Co Ltd (STPFQ.PK)

STPFQ.PK on OTC Markets Group

0.28USD
25 Aug 2014
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Latest Key Developments (Source: Significant Developments)

Suntech Power Holdings Co Ltd announces personnel changes as acting CFO departs
Tuesday, 5 Aug 2014 10:00am EDT 

Suntech Power Holdings Co Ltd:Says that Deyong He, acting Chief Financial Officer (CFO) of company, on June 25, 2014, submitted letter of resignation, effective July 1, 2014.He will maintain his position as member of the Board of Directors of the Company.With departure of He, company's global accounting functions will leverage off existing resources, as directed by JPLs.JPLs are proposing to restructure Company's global accounting functions, and manage functions of CFO until candidate is selected to fill the vacancy.  Full Article

Suntech Power Holdings Co Ltd reaches agreement with petitioners and supporting noteholders in connection with the chapter 7 proceeding
Friday, 31 Jan 2014 11:17pm EST 

Suntech Power Holdings Co Ltd:Says it has signed a Restructuring Support Agreement relating to the petition for involuntary bankruptcy filed against it under chapter 7 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.Under the RSA signed by the petitioners for the chapter 7 proceeding, the company, the joint provisional liquidators of the company and certain supporting holders of the company's 3 pct Convertible Senior Notes that include members of the company's creditor working group.The chapter 7 proceedings in the U.S. have been stayed and a stipulation for the dismissal of the chapter 7 proceedings will be executed.Says following recognition of the provisional liquidation proceeding previously filed by the company in the Cayman Islands under chapter 15 of the U.S. Bankruptcy Code.  Full Article

Suntech Power Holdings Co Ltd announces Deyong as the acting CFO
Monday, 27 Jan 2014 06:58am EST 

Suntech Power Holdings Co Ltd:Announces that Deyong has been appointed as the acting chief financial officer.  Full Article

Suntech Power Holdings Co Ltd announces resignation of Weiping Zhou as interim CEO and CFO
Thursday, 9 Jan 2014 06:25am EST 

Suntech Power Holdings Co Ltd:Says on Jan. 7, Weiping Zhou resigned as a director of the company, interim Chief Executive Officer (CEO), interim Chief Financial Officer (CFO), and President with immediate effect.Says Zhou cited personal reasons for his departure.Says it plans to announce new management pending final review by Suntech's board of directors and Joint Provisional Liquidators (JPLs).  Full Article

Suntech Power Holdings Co Ltd Announces Progress In Cayman Islands Proceedings
Saturday, 9 Nov 2013 12:15am EST 

Suntech Power Holdings Co Ltd announced that the Grand Court of the Cayman Islands, the jurisdiction of its incorporation, has granted the Company's application for a provisional liquidation. Restructuring professionals selected by the Company from PricewaterhouseCoopers have been appointed to work with the Company's Board of Directors to continue progressing a restructuring of the Company. The restructuring professionals will be appointed with the consent and support of the Company and the Board of Directors with the ultimate goal of achieving the Company's restructuring in the best interest of all stakeholders. The restructuring professionals will commence working with the Company immediately.  Full Article

Suntech Power Holdings Co Ltd To Challenge Involuntary Bankruptcy Petition - Reuters
Thursday, 31 Oct 2013 09:19am EDT 

Reuters reported that Suntech Power Holdings Co Ltd said it intended to challenge a petition for involuntary bankruptcy filed against it in the United States by some bondholders. A group of four bondholders holding about $1.6 million of the Company's 3% convertible senior notes due 2013 made the filing under Chapter 7 of the U.S. Bankruptcy Code. Suntech defaulted in March on a payment on its $541 million convertible bonds, prompting its main manufacturing unit, Wuxi Suntech, to file for bankruptcy protection in China five days later. Suntech said it had until November 6 to respond to a filing made in the U.S. Bankruptcy Court in the Southern District of New York.  Full Article

Shunfeng Photovoltaic International Ltd's Jiangsu Shunfeng Photovoltaic Technology Co., Ltd. Announces Possible Acquisition Of Suntech Power Holdings Co Ltd's Wuxi Suntech
Tuesday, 8 Oct 2013 06:36pm EDT 

Shunfeng Photovoltaic International Ltd announced that, Jiangsu Shunfeng Photovoltaic Technology Co., Ltd., a wholly owned subsidiary of the Company, had made a bid with the administrator of Wuxi Suntech Power Co., Ltd. (Wuxi Suntech) on October 8, 2013 for the acquisition of certain equity interests in Wuxi Suntech (the Possible Acquisition) and its subsequent restructuring. Wuxi Suntech is a company incorporated in the People's Republic of China and is a wholly owned subsidiary of Suntech Power Holdings Co Ltd. Wuxi Suntech is principally engaged in the manufacturing and sales of solar cells and modules and is currently under administration. If Shunfeng Photovoltaic International is successful in the bid and proceeds with the Possible Acquisition, the Company is expected to formally enter into a sale and purchase agreement with, amongst others, the administrator of Wuxi Suntech. The Board currently contemplates that the Company will finance the Possible Acquisition through a number of means, including debt financing, capital raising, joint-venture or partnership arrangement, internal resources or a combination of them. The Board wishes to confirm that the intended uses of proceeds from the proposed placing as set out in the circular of Shunfeng Photovoltaic International on September 24, 2013 are not expected to change as a result of the Possible Acquisition.  Full Article

Suntech Power Holdings Co Ltd Announces Management Change
Friday, 13 Sep 2013 10:53am EDT 

Suntech Power Holdings Co Ltd announced a change in senior management, with Mr. David King stepping down as Chief Executive Officer (CEO) and acting Chief Financial Officer (CFO) and Mr. Zhou Weiping assuming the roles of interim CEO and interim CFO with immediate effect. The board of the Company will first commence a search for a new CFO. Mr. Zhou will retain his roles as President and Director of the Company.  Full Article

Suntech Power Holdings Co Ltd Elects Michael Nacson As Chairman
Tuesday, 27 Aug 2013 09:13pm EDT 

Suntech Power Holdings Co Ltd announced the Directors have elected Mr. Michael Nacson as Chairman of the Board.  Full Article

Suntech Power Holdings Co Ltd May Sell Assets, Seek Strategic Investor-Reuters
Wednesday, 10 Apr 2013 06:02am EDT 

Reuters reported that Suntech Power Holdings Co Ltd is seeking to sell some assets and bring in a strategic investor to repay debt and revitalise the company.  Full Article

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