Indebted Wuxi Suntech Taken over by Jiangsu Shunfeng

(Beijing) – Jiangsu Shunfeng Photovoltaic Technology Co. said on November 3 it will take over heavily indebted solar panel maker Wuxi Suntech Power Co. for 3 billion yuan.

Wuxi Suntech is the main business unit of Suntech Power Holdings Co., the world's biggest maker of solar panels. Wuxi Suntech filed for bankruptcy protection in March. The company said it is 10.7 billion yuan in debt, Xinhua reported on August 14.