Suntech Hits New Low
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7 comments:
Do we actually expect a full BK plan to be filed in Caymans later in February?
They owe a Chapter 15 filing in the U.S. on February 21.
Has the sun set for this company?
Snare.Tom.Cymbal.
Is anyone calling into the conference call this evening?
It'd be good to get the specifics, especially with regards to the timeline, from the provisional liquidation update.
I don't think the JPLs will announce plans for a Scheme of Arrangements yet but they will need to provide a reasonable rational as to why a balance sheet insolvent company remains operating and has not filed for compulsory liquidation.
Shunfeng announced today that "steps are expected to be taken
by Wuxi Suntech and the Administrator to address the situation and minimise the impact that Suntech Singapore, its financial position, the Claim and the Default Judgment may have on the Wuxi Suntech
Group." (http://www.sf-pv.com/upload/E01165%20ann_0212%201811.pdf)
Suntech Singapore held shares of four 4 PRC subsidiaries so I imagine that these shares will be transferred by the Administrator to Wuxi Suntech, as Suntech Singapore could then stay and void the Default Judgment as an insolvent entity.
When Suntech files a Chapter 15 petition in the US, it will need to make audited financial statements public and that will send the share price down further.
Thanks for that Shunfeng link.
The only likely winners in the Suntech Singapore mess are the insolvency professionals who are charging $1,000 an hour to pretend they can get those horses back in the barn.
The chapter 15 petition will be due in SDNY BK court next Friday.
What is the number for the call tonight?
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