State-owned Wuxi Guolian Development (Group) Co Ltd may potentially save China solar power giant Wuxi Suntech Power Co Ltd, the failed solar power maker, from bankruptcy.
Guolian intends to make an equity investment of more than $150 million in cash to support Suntech's restructuring plan, Suntech announced on Wednesday.
Previously, a consortium formed by Wuxi Guolian and Chinese polysilicon producer GCL-Poly Energy Holdings Ltd had submitted an offer to acquire Suntech's main manufacturing unit Wuxi Suntech Power Co earlier, but the bid didn't pan out.
In mid-October, court-appointed administrators of Wuxi Suntech Power Co Ltd said it selected Shunfeng Photovoltaic International Ltd as its primary candidate for a partnership.
Wuxi Suntech had been China's biggest solar panel manufacturer. It filed for bankruptcy protection in China in March, five days after its New York-listed parent company defaulted on $541 million in convertible bonds.
Earlier reports said Wuxi Suntech had verified all debt claims filed by its creditors, including domestic banks and suppliers, and confirmed that its liabilities amounted to 10.7 billion yuan.
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