GEORGE TOWN, Cayman Islands, Feb. 22, 2014 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (STPFQ) (the "Company" or "Suntech") today announced that the joint provisional liquidators (the "JPLs") of the Company appointed by the Grand Court of the Cayman Islands to oversee the restructuring of the Company have commenced a Chapter 15 proceeding under the U.S. Bankruptcy Code in a federal court in the Southern District of New York. Under such a proceeding, the Company is seeking to have recognized in the United States the Company's overseas provisional liquidation which has previously been granted in the Cayman Islands.
Mr. David Walker, one of the JPLs, said, "The Chapter 15 petition is a very important step to conclude a successful restructuring of the Company as it would allow a centralized process to assert and resolve claims against the Company, and to make distributions to the Company's creditors."
Mr. Walker added, "Chapter 15 recognition will stay actions brought by creditors in the United States, and help ensure that all creditors are treated equally with similarly situated creditors in the Cayman Islands proceeding."
As previously announced, the Company's filing of the Chapter 15 petition by February 21, 2014 was a provision of the Restructuring Support Agreement entered into with (among other parties) the petitioners for an involuntary bankruptcy proceeding filed against it under Chapter 7 of the U.S. Bankruptcy Code.
Saturday, February 22, 2014
"Suntech Commences Proceeding in the United States in Support of Restructuring Process" $STPFQ $STP
Chapter 15 was filed just before midnight last night, press release this morning:
The balance sheet in the Chapter 15 filing is flimsy:
ReplyDeleteAssets
1) $3.19m cash in Caymans left from an initial $3.5m DIY financing tranche.
2) $2.58m restricted cash against a required $2.78m (likely due to fx differences).
3) A PRC exporting license
4) Shares in the insolvent BVI subsidiary, PSS.
5) Intercompany debt claims of $1.46 billion.
6) A $264m judgement ruling in Singapore and other claims related to purported share transfers.
Liabilities
1) $575m principal + interest due to note and judgement holders.
2) $50m principal due to the IFC.
3) €354.2m debt facility and a €200m master lease in connection with GSF due to CDB.
4) An incalculable amount of inter-company debt.
5) Equity.
The following deceleration summarizes the entire petition: "the sole business of Suntech is the administration of its restructuring, which activities are based in the Cayman Islands and include the collection, procurement, management and administration of Suntech’s assets by us, as JPLs."
What exhibit is that from?
ReplyDeleteHow to find the balance sheet in Pacer? what is the file/case number?
ReplyDelete14-10383 Suntech Power Holdings Co., Ltd.
ReplyDeleteCase type: bk Chapter: 15 Asset: No Vol: v
Date filed: 02/21/2014 Date of last filing: 02/21/2014
Anonymous above needs to tell us what exhibit that was from... there's tons to dig through.
ReplyDeleteIt looks like it was just a summary of financial information in the DECLARATION OF DAVID WALKER AND IAN STOKOE IN SUPPORT OF CHAPTER 15 PETITION OF SUNTECH POWER HOLDINGS CO., LTD. (IN PROVISIONAL LIQUIDATION) FOR RECOGNITION OF FOREIGN MAIN PROCEEDING. There doesn't seem to be a "balance sheet" per se.
ReplyDeleteStock is holding up well considering the news. Up on the day
ReplyDeleteAny news out there? Stock trading above .50 with some volume.
ReplyDeleteAny news out there?
ReplyDeleteStock traded above .50 with volume this morning.
Of course there's no news. It's just the last day of the month.
ReplyDeleteYou can expect price volatility like this. It is mainly a result of short and long squeezes. STPFQ is still on a downward trajectory.
ReplyDeleteBuy ins and end of month shenanigans. The only question is: when will this stock ultimately be cancelled.
ReplyDeleteRight now, the BK professionals are just bleeding the estate dry.
Seems like there is a lot of time before the stock gets cancelled.
ReplyDeleteAny timeline for when this could be wrapped up and liquidation complete?
What is the next catalyst to send STPFQ lower?
ReplyDeleteBond trading has dried up and the Shunfeng deal should be formally approved by March 13th.
Have they published the first gazette notice? When will this company be dissolved?