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Suntech Power subsidiary Power Solar System placed into liquidation
By Caroline Salls
Pittsburgh, Dec. 11 - Suntech Power Holdings Co., Ltd.'s joint provisional liquidators passed a sole shareholder's resolution placing immediate subsidiary Power Solar System Co., Ltd. into liquidation under the Insolvency Act of the British Virgin Islands, according to a company news release.
The company said Suntech Power Japan Corp. and Suntech Power Investment Pte., Ltd. were owned by Power Solar, and its insolvency may mean their share disposals announced in July are voidable under British Virgin Islands' law.
The joint provisional liquidators and Power Solar's liquidators are continuing to investigate the share disposals and a proposed purchaser of Power Solar's equity interest in Wuxi Suntech by Jiangsu Shunfeng Photovoltaic Technology Co., Ltd.
An involuntary Chapter 7 bankruptcy case was filed against Suntech, a Wuxi, China-based global manufacturer and distributor of solar panels, on Oct. 14 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 7 case number is 13-13350.
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