A Wuxi, China court has "formally accepted" an insolvency petition for Wuxi Suntech, Suntech's...

|About: Suntech Power Holdings Co.,... (STP)|By:, SA News Editor

A Wuxi, China court has "formally accepted" an insolvency petition for Wuxi Suntech, Suntech's (STP) main Chinese manufacturing unit. An admin committee has been appointed to handle the restructuring, and Wuxi Suntech will continue making solar cells/modules in the interim. Bankruptcy proceedings haven't yet started for Suntech proper. (yesterday)