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Wuxi Suntech's local creditors claim US$2.5b
Aggregated Source: Shanghai Daily: Business

LOCAL creditors of Wuxi Suntech, the bankrupt unit of Chinese solar panel maker Suntech Power Holdings Co, yesterday claimed the subsidiary owed them a combined US$2.5 billion, at the start of a debt restructuring process expected to last months.

Wuxi Suntech, the biggest subsidiary of New York-listed Suntech Power, filed for bankruptcy protection in China in March, five days after its parent defaulted on a US$541 million convertible bond.

The restructuring of Suntech's domestic debts is being closely watched by its overseas creditors. Last week, Suntech Power said it reached a pact with some foreign creditors to further defer its obligations on the bond.

The claims for domestic debts of 15.6 billion yuan (US$2.5 billion) came from more than 500 creditors but most of the claims have yet to be reviewed and verified, creditor representatives said.

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Copyright Shanghai Daily: Business