Monday, September 23, 2013

"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.

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."
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.

But, who knows? The company certainly doesn't provide financials.

10 comments:

John said...

Does anyone know when Trondheim can start seizing assets after court victory?

Anonymous said...

GSF also had a number of projects that have yet to begin or remain unfinished.

21% of GSF's power generating capacity may be another way saying that the court seized all of it's assets for these utilized assets.

As for the projects which were set up: "The court also ordered the seizure of tariffs paid to private companies that got investments from Global Solar"

When does STP need to refile financial statements and the 2012 annual report with the NYSE?

If STP de-lists, will day traders buy, sell, or hold?

Wrath of Shi said...

On a long enough timeline, this company will be liquidated and the stock will be cancelled.

Anonymous said...

NYSE needs to delist the company.

They are stringing along the equity and bondholders.

Sounds like the Chinese gov't and banks decided to give them the three month extension?

This will not end in 2013...

? said...

What happened to the Sept 20th deadline in China?

Anonymous said...

It sounds like it was extended another three months.

This thing is going to get liquidated.

? said...

What is the timeline for liquidation?

Anonymous said...

If the company received the extension, I'm surprised the company hasn't put out a PR touting the achievement..

Anonymous said...

It may take 5-10 days to get an update from Wuxi Court, Chinese media, or Suntech:

Chapter X Bankrupt Liquidation
Section I Announcement of Bankruptcy

Article 107
"Where the people's court announces a debtor bankrupt according to the provisions of the present Law, it shall, within 5 days as of the day when the decision is made, serve it on the relevant debtor and bankruptcy administrator, and shall, within 10 days as of the day when the decision is made, notify the already-known creditors and announce it as well."

Anonymous said...

So we should hear something by Friday, Oct 4th?