Tuesday, November 5, 2013

Just Out Of Curiosity (Where Is Kim H Liou?)

Still no answer at Suntech's (415) 882-9922 number in San Francisco. Also, no answer on Kim Hsiang-Min Liou's (415) 268-8841 number.

Maybe I always call at the wrong time. Maybe they are all on really long vacations.

Meanwhile, there were a million Suntech bonds offered at 20 cents. I believe that is a new low for size pieces of STP debt.


Anonymous said...

Liou used the San Francisco/Stevenson address in correspondence with the SEC.

We are grateful for the Staff’s accommodation to extend the date by which the Company was required to provide a response to the Staff’s comments in light of the fact the Company did not receive the comment letter from the Commission until October 14, 2010. To help avoid issues with future transmissions of comment letters and other correspondence from the Commission, the Company would be grateful if the Commission could update its records to direct such future correspondence to:
Ms. Amy Zhang
Chief Financial Officer
Suntech Power Holdings Co., Ltd.
R&D Mansion, 9 Xinhua Road
New District, Wuxi
Jiangsu Province 214028
People’s Republic of China
Tel: 86-510-8531-8952
Fax: 86-510-8534-3049
Email: amy.zhang@suntech-power.com
with a copy to:
Mr. Kim H. Liou
General Counsel
c/o Suntech America, Inc.
71 Stevenson Street, 10th Floor
San Francisco, CA 94105
Tel: 415-268-8841
Fax: 415-882-9923
Email: kim.liou@suntech-power.com


Aharon said...

This is good stuff.

CP said...

Thank you.

Have you tried calling Kim Liou?

That is the phone number he uses on SEC correspondence.

I thinking of starting a "Where In The World Is Kim Liou?" website.

Anonymous said...

Thank you for the work.
BTW, where is the 1 million bonds at 20 cents?

The bonds should be 5 cents!

Anonymous said...

same question: how did you find 1 million bonds (@20 cents) information?

Anonymous said...

Bond Trade Activity on Morningstar is one way to get the info:


John said...

To find the bid and ask size of bonds, your broker website should have a bond section. Type in bond cusip and this info should come up. I know etrade shows this information.

MrGotham said...

In bankruptcy court in the Caymans!

Anonymous said...

"In the event the Grand Court grants the Company's application, restructuring professionals selected by the Company would be appointed to work with the Company's Board of Directors to continue progressing a restructuring of the Company...."

Anyone have any insight if the court will accept?

Does the company still have to respond to US courts today?

Anonymous said...

It has to respond and the chapter 15 may even get denied down the road.


Anonymous said...

I don’t think the US bankruptcy Court is going to recognize the CH 14 of Cayman Island, ( Assuming STP application is successful )

“According to that decision, where an off-shore entity does not have a true business “establishment” in its state of incorporation but files an insolvency proceeding there, a U.S. bankruptcy court has no discretion: it may not recognize the foreign proceeding as either a “foreign main proceeding”
or a “foreign non-main proceeding.” The decision drew on the plain language of Bankruptcy Code §1502(5), which authorizes chapter 15 relief only if the foreign proceeding is pending where the debtor has an “establishment.” The Bankruptcy Code defines this to mean “nontransitory economic activity,” or, as the court characterized it, a local place of business”

Anonymous said...

Comments mailing correction at 00:59 on November 7, 2013 Source: Economic Information Daily Author : Wang Lu According to foreign media sources , Suntech Power Co. Tuesday in court for the first time disclosed the company's restructuring plan , saying the completion of the restructuring will become a distributor of photovoltaic products , rather than manufacturers.
This confirms the " Economic Information Daily" reporter recently learned Suntech split is said that the future will be split into Suntech photovoltaic products production and sales of the two companies by the SF photovoltaic and Wuxi National League separately to master. But the program has been a U.S. bondholders against Suntech , Suntech is planning to incorporate its mandatory bankruptcy proceedings.
Suntech was once the world's largest manufacturer of photovoltaic cells , which was once China to the world 's business card. However, due to the photovoltaic cell global overcapacity and product prices fell in March this year , Suntech Power in the U.S. $ 541 million convertible bond default occurs , causing the company's Chinese debt default and led to its principal subsidiaries in China Suntech enter bankruptcy proceedings. It is understood that some of the bonds plus Suntech currently confirmed 10.7 billion yuan of debt , Suntech total size of the debt has more than 2.3 billion U.S. dollars ( equivalent to 14 billion yuan ) .
Tuesday , Suntech's chairman Michael can be satisfied Sen to the Registrar of Companies in the Cayman Islands, a court petition for liquidation process. " Wall Street Journal ( blog , microblogging ) " seen a court filing , Suntech PV production will exit the business , and to become a seller and distributor of photovoltaic products . Michael can be satisfied Sen said in the document , Suntech will supply the company's low-cost competitors to benefit photovoltaic products . Suntech will focus on the future development of photovoltaic products, installation services , and may outsource production .
It is understood that once the completion of the above transactions , Suntech 's assets will be included in the U.S. and European sales and distribution business, and investment firm G lobalSolar Fund. G lobal Solar Fund controls located in southern Italy about 140 MW of PV projects .
The SF photoelectric Nov. 1 announcement that a total of 30 billion yuan in consideration of the acquisition of the entire equity interest in Wuxi Suntech , which includes the majority of Suntech Power in China 's manufacturing assets. Meanwhile, the Wuxi National League of not less than $ 150 million ( about 920 million yuan ) in cash in the form of equity investment in Suntech and Suntech intends to inject some assets .
This series of indications that the photovoltaic and wind Wuxi Guolian possible after the consultations agreed to take part of the assets of each , mostly downwind Suntech photovoltaic manufacturing part of this child , and Wuxi Suntech National League will receive a development platform for the development of power plants .

It is understood that the restructuring plan Suntech won two of the largest U.S. bondholders Clearw ater Capital Partners and Spinnaker CapitalLtd. Their support. Suntech these two together hold 48% of the creditors of the U.S. convertible bonds. As part of the restructuring plan , the U.S. bondholders will receive "substantial minority interest " in order to operate as a waiver of claims in exchange . But distressed debt hedge fund Trondheim Capital LLC , Managing Director Colin Peterson said he could in the absence of productive assets Suntech case survive skeptical