The Wuxi government will invest at least $150m in US-listed Suntech Power Holdings and has hinted it might inject other assets, a move that may soothe international investors’ ire over the Chinese solar group’s bankruptcy.
Suntech is the poster child for the excesses of the Chinese solar panel industry, whose subsidy-fuelled expansion collapsed into a severe glut after overseas markets dried up.
The two-tiered case, with Suntech’s bankrupt local unit under government restructuring while the US-listed holding company has been left in limbo, prompted questions over whether international bondholders would receive anything back.
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