Two local solar power manufacturers have tendered bids for the main unit of troubled Chinese rival Suntech Power, as officials attempt to cobble together a bankruptcy settlement for what was once the world’s largest producer of solar panels.
Hong Kong-listed Shunfeng Photovoltaic yesterday confirmed it had placed a bid with the administrators of Suntech, making a Rmb500m ($82m) refundable deposit with the approach.
The deal, which would include an equity stake in Suntech’s bankrupt Wuxi unit and a proposal to restructure almost $2bn of debt, would strengthen Shunfeng’s solar cell and module making capability.
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