26 Feb '13, 4pm

Suntech Holds Talks with Wuxi on Receiving Support, Adviser Says

Suntech Holds Talks with Wuxi on Receiving Support, Adviser Says

“The Wuxi government has been looking for measures to bail out Suntech,” said Shi Dinghuan, president of the Chinese Renewable Energy Society and an adviser to the State Council, the nation’s highest executive organization. “The government won’t let this well-known company enter catastrophe easily.” The comment indicates the breadth of discussions under way between Chinese government officials and solar manufacturers on how the industry can weather a plunge in prices, excess production capacity and the possibility of a trade war with the U.S. and Europe. No Chinese solar company has yet received a bailout for its foreign debts. Suntech, whose bonds are due March 15, hired UBS AG last year and began talks with creditors about how to refinance the notes following a disclosure that it was a victim of fraud. In December, the company cut its forecasts for solar shipments. “The ...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

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