Suntech is filing for bankruptcy protection in the US or in favor of reorganizing

Experts predict that if there were no surprises, Suntech could announce the end of the month and officially retire from the city. Suntech filed for bankruptcy protection in the United States or in favor of restructuring every reporter Chadaukun from Nanjing Provisional liquidator of the wind photoelectric takeover of Wuxi Suntech legality of the question is still continuing, the NYSE listed Suntech also suffered from the bankruptcy of creditors to return the city press. After three months of confrontation with creditors, Suntech February 21 filed a CHAPTER15 bankruptcy filing with the US bankruptcy Court in Manhattan, hoping to improve the integrity of the Organization's reconstruction plan. But in the case of Yuwen, a photovoltaic industry expert, Suntech could announce the end of the month and officially retire if there were no surprises. Overseas creditors demand bankruptcy last November 6 evening, overseas media sources said Suntech had disclosed the company's restructuring plan for the first time in court, saying it would become a distributor of photovoltaic products, not a manufacturer, after the reorganization. But Suntech's move was opposed by foreign bondholders, with Colin Petersen, one of the bondholders ' Trondheimcapital managing director, saying he was skeptical that Suntech could survive without producing assets. In addition, Peterson said, only after a thorough investigation of Suntech's financial and past dealings, and an account of any flaws to creditors, would their convertible creditors stop. According to Peterson, Suntech's overseas bondholders will continue to ask the courts to let Suntech power go bankrupt. In fact, Suntech's 541 million-dollar convertible bondholders have not given up the lawsuit to the court, requiring Suntech to be forced into bankruptcy. On October 15 last year, Suntech issued a notice that some of the U.S. convertible bond holders filed a petition in a New York court last October 14 seeking to force Suntech into a mandatory bankruptcy process in the United States. According to the rules, Suntech must be sued last November 6, but the final Suntech Power did not appear in response. This effect, November 7 last year, the New York Stock Exchange issued a statement announced that Suntech into the delisting process, Suntech Power, the United States depository shares in the same year November 11 suspended trading. In addition, the NYSE regulator said Suntech and its subsidiaries are now reorganizing and the company has resubmitted its 2010 and 2011 earnings reports, so it is uncertain whether it will be able to submit its 2012 annual report on time. The NYSE is also concerned about the restructuring process, which will have a knock-on effect on the company's US depository stocks, suspending the trading of Suntech shares. At this point, Suntech Power also officially entered the process of delisting. In the face of mandatory liquidation requirements for some US bondholders, Suntech's chairman, Michaelnacson, November 5 filed an application with Caimas, Is. court to get the company into liquidation, Nacson said in the complaint that Suntech might implore a US court to enforce the 15th chapter of the Bankruptcy law. Apply for the Cayman Islands Court to get the company into liquidation., people close to the situation said it was a legal tactic that could prevent the company from entering bankruptcy proceedings in the United States. Under chapter 15th of the United States insolvency law, a company may suspend bankruptcy proceedings in the United States if it enters another liquidation procedure in a place overseas. Under Suntech's strong application, Suntech Power issued an external announcement last November 11 that the Caimas, Is. court, which has jurisdiction over the company, has agreed to a temporary liquidation application. Suntech's bid for liquidation was passed, meaning Suntech's use of jurisdictional disputes to prevent a U.S. court-mandated bankruptcy from reaching its initial effect, slowing the pace of the city's retreat. Filed for bankruptcy protection to U.S. court February 21, Suntech Power filed a CHAPTER15 bankruptcy protection petition to the US bankruptcy Court in Manhattan on the same day, hoping to improve the integrity of the Organization's reconstruction plan. According to the Daily Economic news reporter learned that February 12 in Caimas, Is. held in the Suntech Power creditor Congress also did not attract the number of investors concerned. For creditors, whether the parties to the Conference can reach a settlement agreement, the status of Suntech's listed companies can be saved, the eventual sale of convertible bonds are no longer a major problem, in their words, the game is over. In fact, in order to maintain Suntech Power, Wuxi Union group has been making efforts, the National Union not only for the company to set up a series of industrial layout, Also planned to take out not less than 150 million dollars of cash into Suntech, hoping to retain Suntech's U.S. listed company status, but the reporter from Wuxi official learned that Wuxi State union has failed two times, the hope of saving Suntech power is thus frustrated. For Suntech's filing for bankruptcy protection, Yuwen, a photovoltaic industry expert, told the Daily Economic news reporter, "It is important for Suntech to apply for bankruptcy protection when it is clear that the delisting situation is in place, as it helps to help the companies that are organizing the reorganization plan and ultimately promotes the successful reorganization of the organization." ”