Thursday, May 1, 2014

"Suntech Seeks New Cash After China Bankruptcy, Liquidator Says" $STPFQ

News article.

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.

“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.”
Ridiculous. Name a company in the business of retailing (not installing) another company's solar panels...

9 comments:

Anonymous said...

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.

Josh said...

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.

Anonymous said...

The reason the stock is staying elevated?

Anonymous said...

Investors are waiting for the first positive financial results.

friv 3 said...

The information and the actual number may we recognize the existing structure, and the same time with certain fluctuations.

Anonymous said...

Shouldn't we be hearing an update from the JPL's in the Cayman Islands?

Anonymous said...

We SHOULD be hearing an update, but why would they give us one?

Anonymous said...

Looking at other solar stocks' Q1 financials, the industry fundamentals are not good; also Japan and EU slow down their solar development in 2014

Anonymous said...

STPFQ will be zero for sure.