Posted On: 11/15/2013 11:27:54 AM
Post# of 29744
Well this just came out on STPFQ
Suntech's liquidators object to Wuxi sale
Friday, November 15, 11:26 AM ET | STP
Suntech's (STP) court-appointed Cayman Islands liquidators have objected to the $492M sale of the company's massive Wuxi, China unit to solar cell manufacturer Shunfeng.
It's unclear if the liquidators will be able to stop the sale. An officer at the Wuxi Intermediate Court states the deal is "already settled."
Suntech shares initially dove on the pink sheets in response to the news, but are now close to breakeven. They rallied yesterday, but are still down sharply from where they traded before the company announced on Nov. 6 it had filed for a "provisional liquidation" in the Cayman Islands.
Suntech's liquidators object to Wuxi sale
Friday, November 15, 11:26 AM ET | STP
Suntech's (STP) court-appointed Cayman Islands liquidators have objected to the $492M sale of the company's massive Wuxi, China unit to solar cell manufacturer Shunfeng.
It's unclear if the liquidators will be able to stop the sale. An officer at the Wuxi Intermediate Court states the deal is "already settled."
Suntech shares initially dove on the pink sheets in response to the news, but are now close to breakeven. They rallied yesterday, but are still down sharply from where they traded before the company announced on Nov. 6 it had filed for a "provisional liquidation" in the Cayman Islands.
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