- Suntech Power Holdings Co., Ltd. (STP: NYSE) (the company) announced its preliminary financial results for 2012, indicating that the company shipped approximately 1.8GW of photovoltaic (PV) products, in line with prior expectations. Company revenue for 2012 was approximately USD 1.63 billion, down 48 percent year-on-year (YoY).
- For the fourth quarter of 2012, Suntech Power's shipments of PV products declined by approximately 4 percent from the third quarter of 2012. Company revenue in 12Q4 reached approximately USD 358 million, down 8 percent quarter-on-quarter (QoQ).
- On March 20, Wuxi Suntech Power Co., Ltd., the main unit of Suntech Power, was forced into bankruptcy proceedings. As of the end of February 2013, nine creditor banks including the Industrial and Commercial Bank of China (01398: HKG; 601398: SHA), the Agricultural Bank of China (01288: HKG; 601288: SHA), and the Bank of China (03988: HKG; 601988: SHA) had granted a total of CNY 7.1 billion in line of credit to Wuxi Suntech Power Co., Ltd.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.