Did Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) Find A Bidder?

Posted by Samantha Donahue October 11, 2013 0 Comment 858 views

Shunfeng Photovoltaic International Ltd has emerged as the preferred-bidder for Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP)’s main-unit. There is a distinct possibility that there will now be some movement in the much-watched restructuring of the latter’s Chinese debt.

This deal has not been confirmed yet. Whether it actually reaches fruition will depend on whether the company will be able finalize a good deal with the creditors of Wuxi Suntech. In turn, these talks are being scrutinized by Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP)’s bonds’ offshore holders. Analysts are of opinion that this will help them reconcile at least a segment of their capital.

Thursday’s trading

In Thursday’s trading, Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) dropped by 8.48%. The opening price of the shares was $1.67, which climbed to an intraday high of $1.70 and dipped to a close of $1.51. Approximately 8.57 million shares were traded on Thursday while an average volume of 4.08 million shares were traded over a 30 day period. The 52-week low of Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) shares is $0.30 and its 52-week high is $1.99. The company has a market capitalization of $273.07 million. .

About the company

Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) is a solar-energy company. It is primarily involved in designing, developing, manufacturing & marketing photovoltaic products. The company also provides procurement, engineering, and construction services for building solar-power systems utilizing its own solar-modules for commercial, residential, and utility scale power-plant customers.

The company conducts a major part of its operations via Wuxi Suntech Power Co. It is involved in designing, developing, manufacturing and marketing a variety of Photovoltaic modules and cells such as numerous BIPV products. Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP)’s products are sold in different key solar-energy markets across the world, such as Italy, Germany, France, Spain, Greece, Benelux, the U.S, China, Canada, Australia, the Middle East and Japan.

About Samantha Donahue

Samantha Donahue is a digital fellow with GDP insider. Samantha earned a Bachelor's degree in Government from Cornell University and later his Master's degree in Journalism from Columbia University. She has also received numerous awards from the Associated Press, Society of Professional Journalists, and other media organizations for many of her exclusive stories. Samantha thrives reporting on breaking news and as a general assignments news reporter.

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