$492M Sale Of Suntech's Chinese Unit Gets Creditors' OK

Law360, New York (November 12, 2013, 8:53 PM EST) -- Suntech Power Holdings Co. Ltd.’s main Chinese unit received the creditors' approval on Tuesday for a proposed restructuring plan under which midsize solar manufacturer Shunfeng Photovoltaic International Ltd. will buy its assets for 3 billion Chinese yuan ($492 million).

The acquisition of Wuxi Suntech Power Co. Ltd.’s property still requires the approval of Wuxi Intermediate People's Court before it can go into effect, but Shunfeng’s chairman appeared optimistic about the company’s prospects.

“The approval of Wuxi Suntech restructuring plan further strengthens our upstream and midstream capabilities...
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