- Solar cell manufacturer Shunfeng has won regulatory approval to acquire Suntech's (STP -6.3%) massive Wuxi, China unit, which filed for bankruptcy earlier this year. The unit possesses over 2GW of manufacturing capacity, patents, and Suntech's R&D ops, but also has $1.76B in debt.
- The FT reported two weeks ago Shunfeng had made a bid for the Wuxi unit. The deal doesn't cover Suntech's NYSE-listed holding company or its international ops, which have their own issues. Suntech's U.S. bondholders have sued to force the holding company into involuntary bankruptcy.
Suntech asset sale approved by Chinese regulators
Oct 25 2013, 13:51 ET