Monday, October 21, 2013

2007: "Suntech Opens U.S. Headquarters in San Francisco"... 2013: Nobody Home?

The holding company opened a "headquarters" in the U.S., according to its own statements,

"SAN FRANCISCO, Oct. 23 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP) one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced the opening of its headquarters in San Francisco. San Francisco Mayor Mr. Gavin Newsom and Suntech's Chairman and CEO, Dr. Zhengrong Shi, officially opened the new headquarters office at a press conference held at 2.30pm Pacific Time on Monday, October 22, 2007 at the San Francisco City Hall."
Now it looks like there's nobody home and they don't answer the (415) 882-9922 number. The direct line for Suntech Power Holdings Co., Ltd. general counsel Kim Hsiang-Min Liou is (415) 268-8841, but that isn't answered either.

Kim Hsiang-Min Liou is the California attorney who signs 6-K filings on behalf of Suntech Power Holdings Co., Ltd. and who the Californa State Bar records list as having an address at 71 Stevenson St 10th Fl
San Francisco, CA 94105. 

Why can't this company restructure in a responsible way? Why can't it give an accounting of its finances?

Companies go out of business all the time. The right thing to do is to explain the situation to shareholders and creditors (using accurate financial statements: present balance sheets and past income and cash flow statements) and see whether a reorganization is possible or whether a liquidation is necessary.

I have never seen a company stonewall like this. Secret forbearance agreement that is never disclosed (and has apparently lapsed). Paying lawyers to fight bondholders in court rather than come to terms with them.

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