On March 20, the Wuxi Intermediate People's Court officially approved the bankruptcy and reorganization of Wuxi Suntech Solar Power Co., Ltd. under the Chinese Bankruptcy Law. This decision followed a joint application from nine major creditor banks, including ICBC, Agricultural Bank of China, and China Construction Bank, which had previously extended over RMB 7.1 billion in credit to the company.
The banks argued that due to mounting debts and the lack of a viable repayment plan from the company, it was necessary to proceed with reorganization to protect the interests of creditors and maintain economic stability. The court emphasized that the process would be conducted in accordance with market principles and legal frameworks to ensure transparency and fairness.
Wuxi Suntech has not opposed the reorganization proposal submitted by the banks. The financial institutions expressed hope that through this restructuring, the company could consolidate its resources, improve management efficiency, and overcome its current operational challenges. They also aim to enhance corporate governance and explore potential partnerships or third-party investments to revitalize the business and support the broader solar industry.
Founded in 2001 in Wuxi by Dr. Shi Zhengrong, a renowned solar scientist, Wuxi Suntech became a key player in the global photovoltaic industry. In 2005, Dr. Shi established Suntech Power in the British Virgin Islands, which later went public on the New York Stock Exchange. At its peak in 2006, Suntech's stock reached over $40 per share, making Dr. Shi one of China's wealthiest individuals with a net worth of around $2.3 billion.
By 2012, Wuxi Suntech had become the core of Suntech Power's operations, accounting for more than 95% of its production capacity. The company's PV module output reached 2.4 GW during that year, positioning it among the world's top four solar manufacturers. However, the company faced significant challenges in recent years due to market fluctuations and increasing competition, leading to its current financial difficulties.The welding plugs and the socket , they are also the important parts . They can be classification for several ways .One is the male and the female .Another is the square :10-25 mm² ,35-50mm² ,50-70mm² ,70-95mm² .And the other is suit for different countries ,the American type ,the British type .The customer can choice based on their need .
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