Suntech Power Holdings provides update with respect to restructuring in Europe
George Town, Cayman Islands - Suntech Power Holdings Co., Ltd. announced that the Schaffhausen Cantonal Court's order of July 16, 2014, approving the Dividend Agreement to resolve the creditor claims of Suntech Power International Ltd. ("SPI") became effective as of August 8, 2014.
The moratorium phase and the mandate of the Swiss Administrator have come to an end. SPI is now a solvent member of the Suntech Group under the operational control of its Board of Directors. The Swiss Administrator has been appointed by the Schaffhausen Cantonal Court to continue to work with the Board in the coming months to supervise and ensure that the terms of the Dividend Agreement are properly executed, which will include the payment of dividends to SPI's creditors and administrative matters.
Mr David Walker, Joint Provisional Liquidator of the Company, said "The Court Order has closed a difficult chapter for SPI and we are pleased that the hard work of the SPI Board, the Swiss Administrator, the Chief Restructuring Officer of SPI Mr Robert Moon, and the creditors of SPI, who have been supportive throughout this process, has been recognised. This was an important milestone to the restructuring: SPI is a significant entity in Europe and an integral cog for the continued restructuring of the Group as a whole."
Source: IWR Online, 22 Aug 2014
