Economic Observer Online
By Wan Xiaoxiao (万晓晓)
May 22, 2013
Translated by Pang Lei
Original article: [Chinese]

Correction: The final paragraph of this article has been edited to better reflect the location of Wuxi in relation to Shanghai.

Wuxi Suntech, a major subsidiary of the New York-listed solar panel manufacturer Suntech Power Holdings Co., held a meeting with creditors on May 22 in Wuxi as part of ongoing bankruptcy procedures.

Over the past two months, the administrator group in charge of Wuxi Suntech's bankruptcy reorganization received over 600 claims from individuals and companies and in the end the group accepted the claims of 529 creditors for a total of close to 17.4 billion yuan in unpaid debts. This figure includes 7.65 billion yuan owed to twelve banks.

The troubled Chinese solar manufacturer was ordered by a local court to undergo "bankruptcy reorganization" in March after it defaulted on repayment of $541 million in bonds that fell due on Mar 15, 2013.

Suntech's manufacturing and administrative headquarters are based in the city of Wuxi, which is about 130km northwest of Shanghai.

Links and Sources
Economic Observer Online: Wuxi Court Rules Suntech Unit Bankrupt