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Suntech convertible debt crisis to be or not to be?

Release date:2016-10-25 16:13 source:http://www.hzxz88.com Views:

Suntech, head of the news in an interview with the reporter's phone said, excessive investment, overcapacity and Europe and the United States "double inverse" and other internal and external factors, the day of last year suntech did not better than, capital chain is relatively nervous.But before the company decided to TuiZi from GSF, against the counter guarantee does not have any doubt.

In front of all this, however, may directly lead to expire in 2013 convertible bonds repay "and continuing have no unique period".

Holding hands GSF scam

If not because of capital chain tension, suntech has decided to exit from GSF fund investment, in the process of its survey found GSFPartner company provide suntech counter guarantee "has the possible flaw", suntech or will continue to be in the dark.

In 2008, when suntech in Global Solar funds (Global Solar Fund; the GSF), one of the best photovoltaic energy project investment 80% stake, worth 258 million euros ($318 million).Suntech's founder and CEO Dr Shi owns all the property of the other 10%.

According to suntech documents filed with the SEC, the remaining 10% of the shares held by the entity called GSF capital, and the entity is GSF by a director and is responsible for the company's daily operation control and javier romero.Shi and suntech's chief technology officer Stuart wei served as director of GSF, and owns 50% of the company the right to vote.

Suntech investment GSF, solar power plant is a main considerations have stable and long-term investment can be recovered, the investment return rate is about 10% to 12%, at the same time also benefit the company to accelerate the development of solar energy industry in other areas.On the one hand, suntech power through GSF investment yield relatively high power field, on the other hand GSF buying components from suntech, photovoltaic products become suntech to broaden the effective channel downstream demand.

According to suntech's annual report 2011, from 2009 to 2011, suntech to GSF investment company, sold a total of $347 million worth of solar battery components.In 2009, the company's sales accounted for 6.9% of suntech net revenue, in addition, in 2010 and 2011 have similar benefits, a total of more than $230 million.

After the global financial crisis, as the tightening of credit funds, in order to ensure the GSF in Italy built 145 mw solar power plant project smoothly, suntech as a guarantor, from the China development bank for GSF portfolio companies to apply for to 554 million euros ($683 million) credit line.Romero GSF capital company (GSFCapital) are promising for 560 million euros ($690 million) of the German government bonds as a "counter guarantee" suntech loan guarantees.

But recently, suntech found these so-called German bonds may simply does not exist.Previously, suntech announced plans to divestment from GSF, and have begun to accept the asset takeover offer.


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