- Suntech Power (STP) +11.7% premarket after two Chinese solar power manufacturers tender bids for the main unit of the troubled company, FT reports, as officials attempt to cobble together a bankruptcy settlement.
- One bid came from Hong Kong-listed Shunfeng Photovoltaic, which is offering an equity stake in STP’s bankrupt Wuxi unit and a proposal to restructure the group’s near-$2B in debt; the other reportedly came from from a consortium comprising GCL-Poly Energy and the investment arm of STP’s home city Wuxi.
- Any deal will be closely watched by STP's international creditors, since it likely will determine whether any money can be reclaimed.
Chinese solar cell makers bid for Suntech's main unit
Oct 9 2013, 07:46 ET