Suntech Power Holdings Co. Ltd. says that Suntech Power International Ltd. (SPI), the company's principal operating subsidiary in Europe, has been granted a definitive moratorium on creditor claims by a Swiss court. The moratorium is for a six-month period and may be extended thereafter.
On April 9, SPI had been granted a provisional moratorium for two months on creditor claims as a result of its indebtedness. The majority of SPI's debt is Suntech inter-company debt.
‘SPI has already met important milestones in the restructuring process. The definitive moratorium allows SPI time to restructure debt and reach an agreement with creditors. SPI will continue normal operations during this process,’ says Suntech CEO David King.