Suntech: Chapter 15 proceeding under the U.S. Bankruptcy Code

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Gorge Town, Cayman Islands - Suntech Power Holdings Co., Ltd. (OTC: STPFQ) announced that the joint provisional liquidators (the "JPLs") of the Company appointed by the Grand Court of the Cayman Islands to oversee the restructuring of the Company have commenced a Chapter 15 proceeding under the U.S. Bankruptcy Code in a federal court in the Southern District of New York. Under such a proceeding, the Company is seeking to have recognized in the United States the Company's overseas provisional liquidation which has previously been granted in the Cayman Islands.

Mr. David Walker, one of the JPLs, said, "The Chapter 15 petition is a very important step to conclude a successful restructuring of the Company as it would allow a centralized process to assert and resolve claims against the Company, and to make distributions to the Company's creditors."

Mr. Walker added, "Chapter 15 recognition will stay actions brought by creditors in the United States, and help ensure that all creditors are treated equally with similarly situated creditors in the Cayman Islands proceeding."

As previously announced, the Company's filing of the Chapter 15 petition by February 21, 2014 was a provision of the Restructuring Support Agreement entered into with (among other parties) the petitioners for an involuntary bankruptcy proceeding filed against it under Chapter 7 of the U.S. Bankruptcy Code.

About Suntech
Suntech Power Holdings Co., Ltd. (OTC: STPFQ), through its international subsidiaries, has delivered more than 25,000,000 photovoltaic panels to over a thousand customers in more than 80 countries. Suntech's pioneering R&D creates customer-centric innovations that are designed to drive solar to grid parity against fossil fuels. Suntech's mission is to provide everyone with reliable access to nature's cleanest and most abundant energy source.


For media enquiries, please contact:
Prue Lawson
Ph: +1 345 914 8662
Email: [email protected]

Ryan Scott Ulrich
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Ph: +86 510 8531 8654
Email: [email protected]

SOURCE: Suntech Power Holdings Co., Ltd.
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