Beleaguered Chinese solar panel manufacturer Suntech Power Holdings Co Ltd is now seeking to sell off some of its assets. It also plans to include a strategic investor in repaying all its debts and boost the company's fortunes.
This plans was told to Reuters by an individual with direct knowledge of the current situation but spoke on condition of anonymity. The source said Suntech would be looking for buyers of iuts projects and downstream assets, as Suntech is in dire need of cash.
Currently, Suntech is seeking alternatives with its lenders and other possible investors. During this time, the company would continue with its production and job security has been assured to avoid further political and community unrest.
These statements though were not confirmed or denied by a spokesman for Suntech Power.
Considered as one of the largest corporate failures in China in recent history, Suntech is now a test case for the current Chinese bankruptcy laws since its introduction in 2007. In another twist, Wuxi Suntech, Suntech Power's subsidiary is also going belly up and would need government bailout funds and restructuring.
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