"Suntech Seeks New Cash After China Bankruptcy, Liquidator Says" $STPFQ
Suntech plans to seek $100 million to $150 million of working capital from a strategic investor over the next six to nine months, said David Walker, one of the company’s two provisional liquidators. The focus is to develop the retail solar business in the U.S., Japan and Europe after losing its main manufacturing assets in China, he said.Ridiculous. Name a company in the business of retailing (not installing) another company's solar panels...
“The feedback from creditors is to pursue a restructuring to extract value from the company” instead of folding up, Walker, who is based in Cayman Islands, said in a phone interview today. “The focus is not necessarily solely on manufacturing. The best margin lies in the retail markets.”
Posts
9 comments:
The title might as well be: "Suntech Holdings Contracts on Sale for $100-150 Million. All Must Go!" The company said it would carry out a swap last year and does not have the cash to carry one out.
I think 'retail business' means retail installation business. But why would anyone want to invest in Suntech now... not like it has a good name or any assets to speak of. Might as well just fund a new company.
The reason the stock is staying elevated?
Investors are waiting for the first positive financial results.
The information and the actual number may we recognize the existing structure, and the same time with certain fluctuations.
Shouldn't we be hearing an update from the JPL's in the Cayman Islands?
We SHOULD be hearing an update, but why would they give us one?
Looking at other solar stocks' Q1 financials, the industry fundamentals are not good; also Japan and EU slow down their solar development in 2014
STPFQ will be zero for sure.
Post a Comment