Suntech Receives $32 Million Rescue Package From Local Government


Troubled PV manufacturer Suntech has received $32 million in new loans from the government of Wuxi, China. Forbes reports that the financing was provided by a consortium of several banks, including Bank of China.

Suntech, which has been struggling financially in the wake of global module oversupply issues and new tariffs imposed on Chinese modules imported into the U.S., received a warning of possible delisting from the New York Stock Exchange last month.

Suntech has not yet officially confirmed the new loans.

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