Ok. So, if someone was calling for the Fat Lady, if she's not yet singing, she sure is warming up... Shunfeng "is pleased to announce that the Restructuring Plan has been approved by the Wuxi Intermediate People’s Court on 15 November 2013 (the ‘‘Approval Date’’)."... "All of the equity interests of Wuxi Suntech shall be transferred to Jiangsu Shunfeng or parties designated by Jiangsu Shunfeng at nil consideration." “The Restructuring Plan is binding upon the creditors of Wuxi Suntech, the existing equity interests holder of Wuxi Suntech, Wuxi Suntech, the Administrator and Jiangsu Shunfeng. The Restructuring Plan is to be implemented by Wuxi Suntech under the supervision of the Administrator” JPL’s might try to say whatever they want etc, but what’s done is done, & China is China. Seems like that’s it. November 17, 2013 at 7:29 PM
Ok. So, if someone was calling for the Fat Lady, if she's not yet singing, she sure is warming up... Shunfeng "is pleased to announce that the Restructuring Plan has been approved by the Wuxi Intermediate People’s Court on 15 November 2013 (the ‘‘Approval Date’’)."... "All of the equity interests of Wuxi Suntech shall be transferred to Jiangsu Shunfeng or parties designated by Jiangsu Shunfeng at nil consideration." “The Restructuring Plan is binding upon the creditors of Wuxi Suntech, the existing equity interests holder of Wuxi Suntech, Wuxi Suntech, the Administrator and Jiangsu Shunfeng. The Restructuring Plan is to be implemented by Wuxi Suntech under the supervision of the Administrator” JPL’s might try to say whatever they want etc, but what’s done is done, & China is China. Seems like that’s it. November 17, 2013 at 7:29 PM
The response Shunfeng is sending to the JPLs is that the Wuxi Suntech claims have been settled. Shunfeng will pay 1,750,000 usd to settle 1,750,000,000 usd debt thanks to a very generous Wuxi government "reimbursement." I doubt the JPLs would be able to get a better deal... but if they'd like to try, then the Wuxi Suntech assets will get liquidated to pay off claims for less than 10,000,000 rmb.
Anonymous said... Ok. So, if someone was calling for the Fat Lady, if she's not yet singing, she sure is warming up... JPL’s might try to say whatever they want etc, but what’s done is done, & China is China. Seems like that’s it.
The Chinese assets have been transferred. Stay tuned on Japan, Singapore, Australia & Korea. China may be China, but fraud is fraud in the other countries. Stay tuned.
...Basically Wuxi Intermediate Court went ahead & approved the Wuxi Suntech sale to Shunfeng as had been negotiated. So it seems the JPL's letter had no impact, other than causing some hopes for a potential improved renegotiation somehow, which now seems gone. So STP Holdco left w GSF, EU & US sales biz...
Out of curiosity, any tax loss harvesting reasons (or the like) why the major bondholders might prefer to conclude the matter this calendar year as opposed to the next?
9 comments:
http://iis.aastocks.com/20131117/001779219-0.PDF
The Company is pleased to announce that the Restructuring Plan has been approved by the Wuxi
Intermediate People’s Court on 15 November 2013.
Ok. So, if someone was calling for the Fat Lady, if she's not yet singing, she sure is warming up... Shunfeng "is pleased to announce that the Restructuring Plan has been approved by the Wuxi Intermediate People’s Court on 15 November 2013 (the ‘‘Approval Date’’)."... "All of the equity interests of Wuxi Suntech shall be transferred to Jiangsu Shunfeng or parties designated by Jiangsu Shunfeng at nil consideration."
“The Restructuring Plan is binding upon the creditors of Wuxi Suntech, the existing equity interests holder of Wuxi Suntech, Wuxi Suntech, the Administrator and Jiangsu Shunfeng. The Restructuring Plan is to be implemented by Wuxi Suntech under the supervision of the Administrator”
JPL’s might try to say whatever they want etc, but what’s done is done, & China is China. Seems like that’s it.
November 17, 2013 at 7:29 PM
Ok. So, if someone was calling for the Fat Lady, if she's not yet singing, she sure is warming up... Shunfeng "is pleased to announce that the Restructuring Plan has been approved by the Wuxi Intermediate People’s Court on 15 November 2013 (the ‘‘Approval Date’’)."... "All of the equity interests of Wuxi Suntech shall be transferred to Jiangsu Shunfeng or parties designated by Jiangsu Shunfeng at nil consideration."
“The Restructuring Plan is binding upon the creditors of Wuxi Suntech, the existing equity interests holder of Wuxi Suntech, Wuxi Suntech, the Administrator and Jiangsu Shunfeng. The Restructuring Plan is to be implemented by Wuxi Suntech under the supervision of the Administrator”
JPL’s might try to say whatever they want etc, but what’s done is done, & China is China. Seems like that’s it.
November 17, 2013 at 7:29 PM
The response Shunfeng is sending to the JPLs is that the Wuxi Suntech claims have been settled. Shunfeng will pay 1,750,000 usd to settle 1,750,000,000 usd debt thanks to a very generous Wuxi government "reimbursement." I doubt the JPLs would be able to get a better deal... but if they'd like to try, then the Wuxi Suntech assets will get liquidated to pay off claims for less than 10,000,000 rmb.
@Anon 1:55
Shunfeng is paying $500MM to settle $1.75B and the creditors are eating the rest.
Anonymous said...
Ok. So, if someone was calling for the Fat Lady, if she's not yet singing, she sure is warming up...
JPL’s might try to say whatever they want etc, but what’s done is done, & China is China. Seems like that’s it.
The Chinese assets have been transferred. Stay tuned on Japan, Singapore, Australia & Korea. China may be China, but fraud is fraud in the other countries. Stay tuned.
...Basically Wuxi Intermediate Court went ahead & approved the Wuxi Suntech sale to Shunfeng as had been negotiated. So it seems the JPL's letter had no impact, other than causing some hopes for a potential improved renegotiation somehow, which now seems gone. So STP Holdco left w GSF, EU & US sales biz...
Some big trades in the bonds this past week.
Any thoughts?
Out of curiosity, any tax loss harvesting reasons (or the like) why the major bondholders might prefer to conclude the matter this calendar year as opposed to the next?
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