More Color On Wuxi Suntech Restructuring $STP
A correspondent writes in with the following color on the restructuring of Wuxi Suntech,
- "The failure of Wuxi Suntech pushed up one Chinese policy bank's solar-sector NPL ratio to 33%"
- "Despite a major trade creditor's continued battle for its verified figure to be substantially increased, the restructuring plan is expected to receive the required votes at the meeting next Tuesday (12 November), said two sources familiar. To pass, the plan needs to be supported by a majority by number of creditor present at the meeting with at least two thirds of the voting claims by value for every participating class. In this case, all the creditors are being treated as unsecured despite at least some of the banks contending that they are secured..."
- "The receivables option was added to appease some domestic banks pushing for a higher recovery -- albeit a slight 24bps boost -- but creditors choosing that plan would have to collect the receivables themselves..."
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