Suntech Power Holdings Co, the Chinese solar company with its main unit in bankruptcy proceedings, said the subsidiary will meet with creditors earlier than anticipated as it reported a 48 percent drop in revenue last year.
Wuxi Suntech will meet its creditors in Wuxi on May 22 as a court in the Chinese city considers how to restructure its debts, the company said today in a statement. Suntech said it was delaying its full-year results after reporting $1.63 billion in preliminary revenue.
“We are undertaking a number of restructuring initiatives to address Suntech’s balance sheet and improve the Company’s cost structure and operational efficiency,” Chief Executive Officer David King said in the statement. “In the meantime, we continue to manufacture and deliver” solar products, he said.
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