Suntech opens chapter 11 to liquidate U.S. solar assets
Suntech America, Inc. filed chapter 11 on January 12, 2015, opening Case No. 15-10054 and seeking joint administration with Suntech Arizona, Inc. source filing source filing. Robert Moon, the Suntech Group’s chief restructuring officer, described the U.S. cases as the domestic end of a global solar restructuring: Suntech America had shifted from module distribution toward liquidation after tariffs, collapsed panel pricing, and upstream insolvency proceedings disrupted the business source filing.
The filing was not a secured-debt restructuring. The debtors reported no secured debt; Suntech America held about $10 million of unencumbered cash, $6.5 million of PV module inventory, and roughly $110 million of mostly intercompany receivables, against about $112,000 of third-party trade payables, $55.4 million of intercompany obligations, and a disputed $107.5 million Wuxi Suntech obligation source filing. The case also carried litigation overhang: Solyndra and Energy Conversion Devices antitrust suits sought damages approaching $2.5 billion across defendants, while Wuxi asserted major contract claims against Suntech Arizona source filing.