Suntech Power Holdings Co. Ltd. says it intends to appeal the decision of New York Stock Exchange (NYSE) Regulation Inc. to commence delisting proceedings of the company's American depositary shares (ADRs).
NYSE Regulation has sent a letter stating that Suntech's ADRs would be suspended from trading due to uncertainties about the company's ability to complete its Form 20-F for the fiscal year ended Dec. 31, 2012, within the time frames required. The letter also notes uncertainty around Suntech's ongoing restructuring and the fact that the company is also in the process of restating its previously issued December 31, 2010 and 2011 financial statements.
Trading of Suntech's ADRs have been suspended since Nov. 11. The company's shares have been available on the OTC market under the symbol STPFQ.
In late October, Suntech said it would contest the petition for involuntary bankruptcy filed against it by a group of bondholders.