Suntech Restructuring Begins Amid Talk Of Chinese Takeover

Law360, New York (March 21, 2013, 3:05 PM EDT) -- A Chinese bankruptcy court accepted several banks' petition for the restructuring of Suntech Power Holdings Co. Ltd.'s main subsidiary, the solar panel manufacturer confirmed Thursday, kicking off proceedings rumored to involve at least a partial government takeover of the debt-laden unit.

An administration committee of local government representatives, accountants and attorneys will oversee restructuring efforts aimed at clearing Wuxi Suntech Power Holdings Co. Ltd.'s $2 billion debt load under the court's supervision.

Suntech did not say how long it expected the proceedings to take, or answer...
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