Suntech may appeal NYSE delisting decision

Nov 20, 2013 - Chinese photovoltaics (PV) maker Suntech Power Holdings Co Ltd (NYSE:STP) said on Tuesday it planned to appeal a decision by the New York Stock Exchange (NYSE) to delist its American Depositary Shares (ADRs).

The company’s shares were suspended from trading on November 11 as the bourse operator doubted whether Suntech would be able to file its financial statements for 2012 before the NYSE-set deadline. The NYSE's decision is based on issues related to the ongoing restructuring of Suntech and its principal unit in China -- Wuxi Suntech Power Holdings, as well as the fact that the company has not yet restated previously issued financial results between December 31, 2010 and 2011.

Following the trading halt of the ADRs, the shares are trading on the OTC market under the ticker symbol "STPFQ".

The NYSE is expected to make a final decision on the Suntech ADRs case by early 2014.

Earlier this month Suntech said that its application for provisional liquidation had been accepted by the Grand Court of the Cayman Islands. The company has been struggling for months to survive amid piling debt. In mid-March 2013, it failed to make the principal payment on a USD-541-million (EUR 400m) bond, touted as the first bond default for a China-based company. A few days later Wuxi Suntech entered insolvency proceedings and restructuring in China. Chinese peer Shunfeng Photovoltaic International Ltd (HKG:1165) has agreed to buy the subsidiary for CNY 3 billion (USD 492m/EUR 364m).

(CNY 1.0 = USD 0.164/EUR 0.121)
(USD 1.0 = EUR 0.739)

Choose your newsletter by Renewables Now. Join for free!