More signs of trouble with Shunfeng's acquisition of Wuxi Suntech
Tiempo de Liberación：2014-02-22
Fuente del artículo：Grasol
Shunfeng Photovoltaic International Ltd. (Changzhou, China) has delayed a notice to shareholders on details of its acquisition of Wuxi Suntech (Wuxi, China), stating that it needs to finalize the content.
A week prior, Shunfeng revealed that a USD 264 million court judgment against Suntech Power Holding Co. Ltd.'s (Wuxi, China) Singapore subsidiary may have implications for the acquisition, as Suntech Singapore was transferred to Wuxi Suntech prior to Shunfeng's bid for the company.
Shunfeng says that it will now release the circular on March 13th, 2014. The company has said that it is moving forward with its acquisition of Wuxi Suntech, despite statements by the liquidator of Suntech subsidiary Power Solar System Co. Ltd. (PSS, Wuxi, China) that he plans to expand recovery activities to other Suntech subsidiaries.
Suntech Power Holding and PSS filed for liquidation in November 2013, and PSS liquidator John Ayres has sought to recover value transferred between subsidiaries.
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