Wednesday, March 13, 2013

NYT: "Suntech, Owing Millions, Is Near Takeover by Chinese Holding Company" ($STP)

Latest NY Times article:

"One of the world’s largest manufacturers of solar panels, Suntech Power, has nearly run out of cash and is poised to be taken over partly or entirely by the municipal government’s holding company in its hometown, Wuxi, China, solar industry executives and a Wuxi official said Wednesday."
Wuxi Guolian has only $7 bilion in assets, and they are going to spend over $500 million to bailout the holding company bondholders? It sounds like "takeover" means foreclosing on the subsidiary and nationalizing it.

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