BANKRUPTCY for China's Biggest Solar ...

BANKRUPTCY for China's Biggest Solar Co.!

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CCP is DYING

Port Moody, Canada

#1 Mar 20, 2013
The Suntech Power factory in Wuxi, China.(ASSOCIATED PRESS) China solar giant declares bankruptcy
BEIJING — The Associated Press

Published Wednesday, Mar. 20 2013, 6:51 AM EDT
Suntech, one of the world’s biggest solar panel manufacturers, was forced in bankruptcy court Wednesday, becoming the latest casualty of a painful slump in the global solar industry.

Suntech Power Holdings Ltd. said eight Chinese banks asked a court to declare it insolvent after the company missed a $541-million (U.S.) payment to bondholders last week. Suntech said it would not oppose the petition.

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The development is a dramatic reversal for a company that was a leading force in China’s fast-growing renewable energy industry. Its founder, Shi Zhengrong, has seen much of his multibillion-dollar fortune evaporate.

“While we evaluate restructuring initiatives and strategic alternatives, we are committed to continuing to provide high-quality solar products to our global customer base,” Suntech CEO David King said in a statement.“During this period, we will continue to work closely with all of our stakeholders and take the necessary steps to put Suntech back on track for growth.”

Solar panel makers have suffered huge losses over the past year after rapidly growing production capacity outstripped demand and prices plunged. Another industry giant, Germany’s Q-Cells, filed for bankruptcy last April.

Suntech, headquartered in the eastern city of Wuxi, west of Shanghai, has also been hurt by a revelation in July that a business partner faked $680-million in collateral for a loan Suntech had guaranteed.

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CCP is DYING

Port Moody, Canada

#2 Mar 20, 2013
...
On Monday, the company said it was looking for new financing and was negotiating with creditors in hopes of restructuring its debt.

The company had said owners of 60 per cent of the bonds agreed last week not to exercise their rights under the notes until May 15. But it said the bonds’ trustee declared a default, which triggered defaults on other debts owed to Chinese lenders and the International Finance Corp.

Shi, who has a Ph.D. in physics, founded Suntech in 2001. He had gone to Australia in 1988 and got into solar power by chance when he needed a job after a university fellowship ended.

Shi, who had become an Australian citizen, was lured back by officials in Wuxi who wanted to develop high-tech industry and put up $6-million to start Suntech. Shi later bought out his state backers with help from a group led by Goldman Sachs and went public on the New York Stock Exchange in 2005.

Shi’s success made him one of China’s most prominent entrepreneurs. He was named one of state television’s businessmen of the year in 2006 and advised Beijing on energy policy. Forbes magazine estimated his fortune at $2.9-billion at its peak in 2008 but that had tumbled to about $500-million last year as Suntech’s share price plunged.

The glut of supply in the solar panel market was brought on in large part by the Chinese government’s efforts to promote the industry.

Communist leaders see renewable energy as a way to both generate higher-paying technology jobs and curb China’s surging demand for imported oil and gas.

Attracted by tax breaks and subsidies, hundreds of small Chinese solar producers sprang up. New competitors were still entering the market as late as 2011, when weak demand and a supply glut forced producers to slash prices.

Other major Chinese producers including Yingli Green Energy Ltd., LDK Solar Co. and Trina Solar Ltd. have reported heavy losses. That has prompted expectations that the government will intervene and force companies to merge or shut down.

Prices of polysilicon wafers used to make solar cells plunged by 73 per cent from 2010 to last year. The price of cells fell by 68 per cent and that of modules by 57 per cent.

Major manufacturers amassed debts of $17.5-billion, according to Maxim Group, a research firm in New York City.

Deep-pocketed Korean conglomerates are moving into the solar industry, adding still more competition.

Chinese producers also have been hit with U.S. anti-dumping tariffs imposed to offset what Washington says are improper subsidies from Beijing. European solar producers also have filed anti-dumping complaints, with the European Union asking for higher tariffs on Chinese imports.

Last week, Suntech announced the closure of its U.S. factory in Goodyear, Arizona, and the elimination of 43 jobs as a cost-cutting measure.
CCP is DYING

Port Moody, Canada

#3 Mar 20, 2013
Where are the CCP's paid Wu Mao Dang to BOAST AGAIN ABOUT HOW CCP China's solar power industry will "dominate the world"?

Gee, I guess they are IN HIDING yet again, because they look like LYING FOOLS yet again!

HA HA HA HA HA HA HA HA!
HA HA HA HA HA HA HA HA!
HA HA HA HA HA HA HA HA!
CCP is DYING

Port Moody, Canada

#4 Mar 20, 2013
This is only the beginning.
LOVE CHINA DESTROY CCP

Surrey, Canada

#5 Mar 20, 2013
Note how "snowfake", "RayHole", "Senile China" and the rest have mysteriously disappeared en masse?

They know it is all over very soon for their Chinese Communist Party (former?) employers.
lct

Beijing, China

#6 Mar 20, 2013
if they didn't expend there business to USA, they won't branrupted.

let the USA part get bankrupted.

China part will turn to a public owned company.

after all it was a private company involved with some illegal activeties such as tax -invlove crime, registed in cayman island.
lct

Beijing, China

#9 Mar 20, 2013
ops, some senator's share in world bank will be gone with a empty America head quater and plant in usa. :)
lct

Beijing, China

#10 Mar 20, 2013
i mean usa senator, take a guess.
CCP is DYING

Surrey, Canada

#12 Mar 21, 2013
Yes, when the Chinese Communist Party has failed on this massive scale, it must frantically try to blame the US for the CCP's obvious failure. Thank's for pointing that out with your comical examples of stupid CCP lies, "Ick"!

What else can such a weak, dying dictatorship do?
LOVE CHINA DESTROY CCP

Surrey, Canada

#13 Mar 21, 2013
Note how "snowfake", "RayHole", "Senile China" and the rest have mysteriously disappeared en masse?

They know it is all over very soon for their Chinese Communist Party (former?) employers.

Rats jump off a sinking ship.
lct

Beijing, China

#14 Mar 21, 2013
CCP is DYING wrote:
Yes, when the Chinese Communist Party has failed on this massive scale, it must frantically try to blame the US for the CCP's obvious failure. Thank's for pointing that out with your comical examples of stupid CCP lies, "Ick"!
What else can such a weak, dying dictatorship do?
you are daily dream if you want use chinese to maintain dead business in usa soil.:)
OCCUPY TIANNANMEN

Surrey, Canada

#15 Mar 21, 2013
lct wrote:
<quoted text>
you are daily dream if you want use chinese to maintain dead business in usa soil.:)
Dead CHINESE BUSINESS with massive losses, you mean!

Yes, when the Chinese Communist Party has failed on this massive scale, it must frantically try to blame the US for the CCP's obvious failure. Thank's for pointing that out with your comical examples of stupid CCP lies, "Ick"!

As I said, what else can such a weak, dying dictatorship do?
lct

Beijing, China

#16 Mar 21, 2013
OCCUPY TIANNANMEN wrote:
<quoted text>
Dead CHINESE BUSINESS with massive losses, you mean!
Yes, when the Chinese Communist Party has failed on this massive scale, it must frantically try to blame the US for the CCP's obvious failure. Thank's for pointing that out with your comical examples of stupid CCP lies, "Ick"!
As I said, what else can such a weak, dying dictatorship do?
suntech has only 2.2 billion debt( usa part was loaned from world bank).

the averiage uas companys are all have more than $100billion debt.

loser.
OCCUPY TIANNANMEN

Surrey, Canada

#17 Mar 22, 2013
I guess you just want to hide the facts about the MASSIVE DEBT LOAD OF CHINA'S DECREPIT STATE-OWNED ENTERPRISES, the HUGE THEFTS BY CHINESE COMMUNIST PARTY OFFICIALS, and the UNSUSTAINABLE DEBT-FINANCED SPENDING OF CHINA'S LOCAL GOVERNMENTS, eh "Ick"?

Pity. I wanted to bring them up!
lct

Beijing, China

#18 Mar 22, 2013
OCCUPY TIANNANMEN wrote:
I guess you just want to hide the facts about the MASSIVE DEBT LOAD OF CHINA'S DECREPIT STATE-OWNED ENTERPRISES, the HUGE THEFTS BY CHINESE COMMUNIST PARTY OFFICIALS, and the UNSUSTAINABLE DEBT-FINANCED SPENDING OF CHINA'S LOCAL GOVERNMENTS, eh "Ick"?
Pity. I wanted to bring them up!
no need to hide, unlike you.

we just write them off. loser.

remember, we can print as much as RMB we needed.

and unlike your shameless debt loaded gov.

bring them up? you can not. chines state-owned assets is not for sell. even sell private chinese company has to get state approve.

you think that print money to get real assets of china?

noway.
I can read

Edinburgh, UK

#19 Mar 22, 2013
This sounds like it could be a big story.

If only the CCP supporting scumbag in Canada hadn't turned the entire Chinese section into his own personal spam fest, people might actually debate the issue.
OCCUPY TIANNANMEN

Port Moody, Canada

#22 Mar 22, 2013
I can read wrote:
This sounds like it could be a big story.
If only the CCP supporting scumbag in Canada hadn't turned the entire Chinese section into his own personal spam fest, people might actually debate the issue.
Hah!

If only the lonely, bitter old UK pest with the "man crush" on "Old China" would post something worth reading.....people might actually read his comments!
OCCUPY TIANNANMEN

Port Moody, Canada

#23 Mar 22, 2013
lct wrote:
<quoted text>
no need to hide, unlike you.
we just write them off. loser.
remember, we can print as much as RMB we needed.
and unlike your shameless debt loaded gov.
bring them up? you can not. chines state-owned assets is not for sell. even sell private chinese company has to get state approve.
you think that print money to get real assets of china?
noway.
Thank you for admitting that the CCP regime intends to flood China with worthless ugly CCP playmoney and create hyper-inflation in a failed attempt to save the dictatorship!

Much appreciated!
OCCUPY TIANNANMEN

Surrey, Canada

#24 Mar 27, 2013
I guess hyper-inflation is the only option left for the Chinese Communist Party's Banana Republic dictatorship, eh?
OCCUPY TIANNANMEN

Surrey, Canada

#25 Mar 28, 2013
Are you hiding now that you accidentally spilled the beans about the CCP's desperate plan to flood China with worthless playmoney to distract the people from China's recession, "Comrade Ick"?

Or are you lining up at the bank already?

HA HA HA HA HA HA HA HA!

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