Hong Kong-listed solar company Shunfeng purchased the Chinese assets of troubled panel maker Suntech, even as the local government moved to parry an attempt by foreign bondholders to liquidate it.
The world’s largest solar-panel maker , Suntech is the poster child for the debt-fuelled expansion of the Chinese solar industry and its collapse after overseas markets dried up.
It was also the first privately owned mainland company to list in New York. Its bankruptcy is an important test case for Chinese regional governments’ willingness to bail out indebted local champions, and for foreign debtholders’ ability to get paid.
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