Suntech America confirmed plan of liquidation takes effect on Aug. 31

By Caroline Salls

Pittsburgh, Sept. 1 – Suntech America, Inc.’s plan of liquidation took effect on Wednesday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on April 27.

Creditor treatment under the plan includes:

• Holders of priority non-tax claims and secured claims will be paid in full;

• Holders of general unsecured claims will receive a share of $1.75 million, plus the balance remaining, if any, in the committee fee account after the payment of specified fees and expenses of the official committee of unsecured creditors’ professionals. Each holder will receive a share of 15% of the total value of any additional assets;

• Holders of Solyndra and Wuxi general unsecured claims will receive $216,265,149.62 for Solyndra and $144,176,766.41 for Wuxi, comprised of $143,486,112.69 for Wuxi Suntech Power Co. Ltd. and $690,653.72 for Suntech Power Asia Pacific. Also, Solyndra and Wuxi will receive distributions in the amounts of $6,062,500 and $4,250,000;

• Holders of allowed products liability claims will receive relief from the stays and injunctions provided for by the plan and statement;

• Holders of affiliate claims are entitled to receive 25% of any additional assets recovered by the debtors’ estates;

• Holders of intercompany claims will receive no distribution; and

• Holders of equity interest claims will receive all of the debtors’ remaining cash and assets, if any, after all of the distributions.

Suntech America is a San Francisco-based producer of solar panels that filed for bankruptcy on Jan. 12, 2015. The Chapter 11 case number is 15-10054.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.