"Solar panel maker Suntech says Italian court orders seizure of additional solar-power projects" ($STP)
Press release this morning,
"Suntech Power Holdings Co. Ltd. said Monday that an Italian court issued a ruling to seize more solar projects that received investments from Global Solar Fund SCA.Incredible. The GSF complex of grid solar projects in Italy was leveraged, so to lose 21% of the power generating capacity in a seizure implies that all of Suntech's equity in these projects may have evaporated.
The court also ordered the seizure of tariffs paid to private companies that got investments from Global Solar, Suntech said.
Suntech said that it learned Thursday of the ruling by a court in Brindisi, Italy, which raises to 37 the number of solar projects ordered seized. The projects represent 21 percent of the power-generating capacity of the companies that got investments from Global."
But, who knows? The company certainly doesn't provide financials.