Key Developments For China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (CSUN.O) (Consolidated Issue listed on NASDAQ Global Market)
China Sunergy Co., Ltd. And Canadian Firm Opsun Technologies Sign Solar Products Framework Agreement
China Sunergy Co., Ltd. and Opsun Technologies, Inc., a Canadian manufacturer of solar panels, mounting systems and solar concentrators (Opsun), announced that they have entered into a framework agreement related to the delivery of China Sunergy solar products to Opsun between 2009 and 2014. The framework agreement aims to leverage the existing relationship between the firms to facilitate sales of China Sunergy's existing solar cell products while enhancing the development of specialized solar cells for future projects. The agreement encompasses the delivery of 100MW of solar cells and solar modules to Opsun, with the solar modules being provided through OEM arrangements.
Extension of China Sunergy Co., Ltd.'s Injunction Against REC Granted By Norwegian Court
China Sunergy Co., Ltd. announced that the Court in Norway has granted an extension of the injunction against REC Wafer Norway AS relating to certain bank guarantees. On October 15, 2009, the injunction against REC Wafer Norway AS previously granted by the Salten District Court in Norway would have expired. China Sunergy therefore applied for an extension of the injunction. At the same time, China Sunergy served a writ upon REC Wafer Norway AS claiming that REC Wafer Norway AS is not, and has never been, a party to the contract entered into between REC Sitec AS and China Sunergy. On October 14, 2009, the court ruled that the injunction shall remain in force until the issue covered by the writ is resolved. In the ruling, the court found that it is sufficiently proven probable that the REC has behaved in a manner that gives rise to a fear that the prosecution or the implementation of the claim will be made significantly more difficult (for China Sunergy) without the temporary court order.
China Sunergy Co., Ltd. Appoints Siegfried Yi Chou Hsu As CFO
China Sunergy Co., Ltd. announced that it has appointed Mr. Siegfried Yi Chou Hsu as Chief Financial Officer (CFO) with immediate effect. Mr. Shiliang Guo, the acting CFO of China Sunergy, has resigned from the acting CFO position while remaining a Director.
China Sunergy Co., Ltd. Files Petition For REC Wafer Injunction Extension And Serves Legal Writ In Norway
China Sunergy Co., Ltd. announced that it has delivered a petition for an extension of the existing injunction related to the REC Wafer situation to the Norwegian court, as well as filing a legal writ regarding the legal status of REC Wafer Norway AS as a rightful party to any existing contract. Along with the petition, China Sunergy has served a writ at the same court in Norway claiming that REC Wafer Norway AS is not, and has never been, a party to the contract entered into between China Sunergy and the dissolved company REC SiTech AS. Consequently REC Wafer Norway AS is not, and has never been, entitled to claim any position according to the terminated contract.
China Sunergy Co., Ltd. Provides Additional Details Regarding REC Wafer Injunction Granted In Norway
China Sunergy Co., Ltd. provided additional insight regarding the injunction granted by the Salten District Court in Norway related to the ongoing proceedings with REC Wafer. On September 11, 2009, the Norwegian court granted a preliminary injunction, based on China Sunergy's petition, prohibiting REC Wafer Norway AS from drawing on the USD50 million in bank guarantees. One of the key reasons for this decision is the fact that the original party to the contract, REC SITECH AS, no longer exists given its merger with REC ScanWafer AS, which later changed its name to REC Wafer Norway AS after the merger. China Sunergy was never informed of this merger despite the contractual obligations of REC to do so prior to any such action. The court refers in particular to the fact that it has been impossible for China Sunergy to extend the guarantees. The reason for this is that the original party to the contract and supplier has merged with another company, namely REC Wafer. The court has not found evidence that Nordea Bank has consented to the merger and thus has consented to the change to the parties on the rights side. Despite the fact that REC SiTech AS never informed China Sunergy of its dissolution after the merger, even though the merger plans had come far by the time the contract was entered into, the inability of China Sunergy to extend the guarantees in the name of REC SiTech AS has been stated as a basis for REC Wafer's current claims.
