Suntech’s filing for provisional liquidation with the Grand Court of the Cayman Islands is granted, and the Chinese solar company selects PricewaterhouseCoopers to support restructuring of the firm.
Suntech, once the world’s largest solar panel manufacturer, recently filed for provisional liquidation with the Grand Court of the Cayman Islands, where the firm is incorporated. Today the firm announced that the court has granted Suntech’s application.
The company has also appointed PricewaterhouseCoopers to support its restructuring. According to Suntech, the restructuring professionals will begin working with the company immediately.
Recently, the New York Stock Exchange (NYSE) announced that the staff of NYSE Regulation will start proceedings to delist the American Depositary Shares (ADSs) of Suntech from the NYSE. Trading in the company’s ADSs was to be suspended prior to the opening on Monday, November 11.
NYSE’s reason for delisting Suntech’s shares was uncertainty over whether the company could complete its 2012 annual report on time.
According to the Wall Street Journal, Suntech said last year that it was the victim of fraud involving fake German bonds pledged to the company as collateral. As a result, Suntech stopped releasing full financial results and said it would need to restate its 2010 and 2011 results.
Recently, Suntech announced that it will release new annual reports for 2010 and 2011 in February 2014. The company also stated that it will release its annual reports for 2012 and 2013 in March 2014 and April 2014, respectively.
For a complete overview of recent developments with Suntech, please click here.