Replies to post #1045 on Suntech Power Holdings Co., Ltd.(fka STPFQ)

[nic_san]

Thank you for this information, this is correct

[wewantutopia]

You need to go back and read the past news...

GEORGE TOWN, Cayman Islands, April 10, 2014 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (OTC: STPFQ) (the "Company" or "Suntech Power") today announced that it is aware of the Hong Kong Stock Exchange announcement made by Shunfeng Photovoltaic International Ltd. ("Shunfeng") that the conditions precedent to the purported acquisition of 100% of the equity interests of Wuxi Suntech pursuant to the terms and conditions under the restructuring plan of Wuxi Suntech as approved by the Wuxi Intermediate People's Court have been fulfilled, and as a result all of the equity interests of Wuxi Suntech shall be transferred to an affiliate of Shunfeng.

As of today's date, none of the directors of Power Solar System Co., Ltd. ("PSS"), the joint provisional liquidators (the "JPLs") of Suntech Power appointed following Suntech Power's application for a provisional liquidation in the Cayman Islands, its jurisdiction of incorporation, or the liquidator of PSS, have given their approval to any transfer or disposal of the shares of Wuxi Suntech. As previously announced on February 10, 2014, the liquidator of PSS and the JPLs of Suntech Power will continue to focus on an investigation of, among other things, the purchase of PSS's equity interest in Wuxi Suntech by Shunfeng and to take all steps as necessary to remedy improper actions which have caused loss to Suntech Power, PSS, and their creditors. No assurances can be given, however, that Suntech Power retains equity interest in Wuxi Suntech, or the benefits having an equity interest entail. Neither Suntech Power nor the JPLs are currently able to exert management control or authority over Wuxi Suntech.

Notwithstanding the above, following negotiations by the JPLs with the current management at Wuxi Suntech, Suntech Power has entered into a Cooperation Agreement with Wuxi Suntech which provides a framework for the following (among other things):

Suntech Power licenses to Wuxi Suntech certain product certificates held by Suntech Power. It is expected, however, that Wuxi Suntech will obtain its own product certificates later in 2014 in due course;
Suntech Power, including its distribution subsidiaries in the United States and Europe, will act as intermediaries for the sale of products manufactured by Wuxi Suntech, facilitating Wuxi Suntech entering into sales contracts with such customers. For a period of one year, Suntech Power would earn a commission from Wuxi Suntech in connection with any such sale;
For a period of one year, Suntech Power, including its customer support representatives at its subsidiaries in the United States and Europe, would provide after-sales service for Wuxi Suntech manufactured products which have been sold; and
Wuxi Suntech would support the restructuring of Suntech Power International, Ltd., the principal operating subsidiary of Suntech Power in Europe which is currently engaged in a restructuring proceeding under Swiss law.

[wewantutopia]

Suntech Expands Presence in Benelux with New Partnerships and Projects
Posted on 2014-12-08
Wuxi Suntech, one of the largest manufacturers of PV modules, is aiming to expand its 3% market share in Benelux to 13% by 2015 through its newly announced partnerships and projects with Oskomera Solar Power Solutions, Solar Green Point and VDH Solar.
...

"Thanks to our acquisition by Shunfeng International Clean Energy Ltd., Suntech has emerged with the strongest financial footing in the solar industry, enabling us to expand our presence across Europe while supporting small and large-scale projects," said Simon De Sitter, Suntech's Director of Benelux, France, Scandinavia and the Netherlands Antilles. "Our products are best in class and in 2014 they have been ranked above industry standards by OST Energy and the VDE Institute, reinforcing that we provide our customers with the highest quality solar panels in the market."


"Now that Suntech has reemerged as the world's most financially stable solar producer, we are thrilled to be working with our former partner again, who has always provided us with excellent, high performance products. At OSPS, we are committed to the highest quality and product reliability for our customers. We appreciate that Suntech shares that commitment," said Dennis Gieselaar, Managing Director of OSPS.


"Suntech panels go through a very strict quality control process, audited by the world's leading independent engineering firms. For years, we have witnessed their panels in operation, which work considerably above the average performance levels, producing more than one hundred and five percent of the installed capacity," added Lucien van der Heide, owner of VDH Solar.


Under ownership of Shunfeng International Clean Energy, Suntech is pursuing a business strategy to reclaim its position as a global solar leader by becoming part of the largest integrated clean energy supplier in the world – integrated not only in terms of manufacturing but also in terms of ownership of clean energy producing assets. Suntech will provide one-stop access to the Shunfeng family of companies with capabilities in design, engineering, manufacturing, construction, finance, insurance, operation and maintenance, energy storage, solar products and applications.


About Wuxi Suntech Power Co., Ltd.


Wuxi Suntech Power Co., Ltd., a company incorporated in the PRC in January 2001, produces industry-leading solar products for residential, commercial, industrial, and utility applications. Suntech has delivered more than 30 million photovoltaic panels or 8 GWs of installed capacity to more than 1 thousand customers in more than 80 countries. Suntech's pioneering R&D creates customer-centric innovations that are driving solar to grid parity against fossil fuels. Suntech's mission is to provide reliable access to nature's cleanest and most abundant energy source.


About Oskomera Solar Power Solutions (OSPS)


OSPS is Europe's leading PV-systems integrator for complex, large scale PV projects. Oskomera Solar Power Solutions (OSPS) plays an important role in the European market for solar photovoltaic products delivering large scale PV projects, integrating PV systems, distributing PV products, and providing operation and maintenance services for solar power plants. OSPS operates in the Benelux, UK, France, Italy and the Caribbean.