The company said that in the event the Chinese court approves the banks’ petition, Suntech will still be able to meet its committed orders from other facilities in Wuxi, Shanghai, and Luoyang. The company’s CEO said:
While we evaluate restructuring initiatives and strategic alternatives, we are committed to continuing to provide high-quality solar products to our global customer base. During this period, we will continue to work closely with all of our stakeholders and take the necessary steps to put Suntech back on track for growth.
Growth? This guy has been standing out in the sun too long. Suntech is toast. The Wuxi subsidiary is the company’s main operation, and while Suntech may believe it will be able to continue production at its other plants, the company might wish to consider what it will do if and when customers cancel these orders.
Shares have fallen more than 28% this morning to $0.41 and are on their way to zero. It is just a matter of time.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
