Suntech is again compliant with NYSE rules

Aug 7, 2013 - Chinese solar photovoltaics (PV) maker Suntech Power Holdings Co Ltd (NYSE:STP) said Wednesday it had regained compliance with the minimum share price rule of the New York Stock Exchange (NYSE).

The stock exchange operator has notified the company that its share price had satisfied the minimum requirement of USD 1 over the 30 trading days to July 31. Also, Suntech’s stock traded at above USD 1 on the last calendar day of the month, closing at USD 1.44 on July 31.

Suntech added that it was still engaged in a review of its financial results for 2010 and 2011 and said it was also working on its report for 2012. In the middle of May the NYSE gave the company six additional months to file its full 2012 financial report.

In mid-March, Suntech Power failed to make the principal payment on a USD-541-million bond (EUR 407.5m), marking the first bond default for a China-based company. A few days later Wuxi Suntech, the company's main subsidiary in China, entered insolvency proceedings and restructuring. According to a Reuters report from yesterday, the Wuxi unit is currently discussing strategic investments from three private and two state-controlled companies.

(USD 1 = EUR 0.753)

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