[explo 629]

Looks like higher level political coordinated effort to force consolidation. Cowboys Peng and Shi were not conformable?

[Guest nanofrogfish_spf]

LDK reduced itself to almost nothing on its own. That's why I think STP will become the sacrificial lamb. Every major consolidation needs one of the big one's to fall, and this one is set-up perfectly. I guess it all comes down to whether or not China sticks to its previous commitment of consolidating the industry...I think they take this opportunity to show the world they are committed to this, which would help with trade relations everywhere. I'm not necessarily saying it flat-out goes out of business, but I could certainly see them get absorbed by someone else...with the help of the government as they've previously indicated. If something like this were to happen, then the "China Solar-10" would rally hard. If the govt. bails STP out...that will really look bad...I guess we'll know for sure by the 15th...

[Guest eysteinh]

Good observation nanofrog. I agree LDK has shed off a lot of capacity allready.

[Guest larryvand]

If China allows STP to fail it will also mean that the solar-11 list isn't worth much to be in it. And the opposite if they bail them out.

[Guest larryvand]

BTW, Peng was removed as CEO and made chairman in Nov'12. When was he removed as chairman? Cause I don't see any news.

[explo 629]

Yes, please provide link.

[odyd 1,304]

own dispute with GSF, looks like STP took ownership of the whole thing and SHi with it. Don't they have like 200 plus MW of solar plants in in Italy http://ir.suntech-power.com/phoenix.zhtml?c=192654&p=irol-newsArticle&ID=1793509&highlight=

[explo 629]

sony1, was Peng removed as chairman or not. Why haven't we heard about this? Where did you hear it? Link?

[Guest MichaelZhao]

sony1, was Peng removed as chairman or not. Why haven't we heard about this? Where did you hear it? Link?

No, actually Peng reappointed as chairman and CEO 70 days after he was removed. http://www.solarzoom.com/portal.php?mod=view&aid=25785

[Guest sony1]

No, actually Peng reappointed as chairman and CEO 70 days after he was removed. http://www.solarzoom.com/portal.php?mod=view&aid=25785

Well, it says "resigned" in the title. Resigned 70 days after being appointed as chairman. But whatever, I just picked it up, might be google translate playing games.

[explo 629]

Thanks for the link. It's hard to understand the translation, but according to Michael the board has fired Tong after only serving 70 days as CEO and Peng is back as CEO.

[Guest MichaelZhao]

The crisis is over? reached deal with bondholders? 285M bond will be paid back in next couple years with interest rate @6%, another half 285M bond will be converted to stock. http://www.solarzoom.com/article-25848-1.html

[odyd 1,304]

No so, apparently according to Bloomberg http://www.bloomberg.com/news/2013-03-08/suntech-sued-by-bank-of-china-over-loan-dispute-herald-says.html?cmpid=yhoo

[Guest eysteinh]

confirmed. http://www.rechargenews.com/solar/asia_australia/article1319735.ece

[Pop2mollys 414]

It would be so healthy for this sector to let STP die

[Pop2mollys 414]

"According to the 21st Century Business Herald, the BoC filed suit some time ago and a hearing is expected to take place this month. This, the newspaper says, signifies that further loans for the oft bailed-out firm are UNLIKELY" Oh my... Game over?

[Guest Klothilde]

Remember that they are on Schindler's list. So they will get money from another bank. In the end banks just do what they get told from the communist party.

[Guest nanofrogfish_spf]

I'm really disturbed by this statement from the Bloomberg news release;

The board agreed to loan more to the company only if Shi Zhengrong, the founder and former chief executive officer, gives away his stake or quits Suntech, the Herald said. Shi, who founded Suntech in 2001, was ousted as chairman this week.

It looks like the board of "seven Chinese Leaders" is willing to loan them more money (ARE YOU KIDDING ME!...another half-Billion dollars to flush down the toilet), only if Shi leaves (which explains some of the recent panicked actions by STP's board). So the question becomes; Will Shi be willing to give up his stake or quit as requested...to save his own company????....Personally, based on his recent comments I seriously doubt it.

Could Shi actually prefer the bankruptcy path, refusing to leave just to block another govt. bail-out (for ego's sake, wants to go down with the ship instead of being thrown off it). Very interesting developments...

[odyd 1,304]

Half will be converted half will be paid. The half paid will be paid in stages with 6% interest guaranteed by CDB, with 6% interest.

[Guest MichaelZhao]

Anybody knows how many shares will be converted to from those 285M bond?