Latest News:  


Companies report bad debts due to Suntech bankruptcy

By Xie Yu (

17:00, April 01, 2013

Five listed companies in China have reported bad debts amounting to 426 million yuan ($68.7 million) due to the bankruptcy of Suntech Power Holdings Co Ltd, the former biggest solar equipment maker in the world, the Beijing Business Today reported on Monday.
Tianjin Zhonghuan Semiconductor Co Ltd was the hardest hit. The company said last Sunday it had 176 million yuan in unpaid receivables from Suntech, causing losses of 90.38 million yuan compared with a net profit of 6.24 million yuan.

Xi'an-based Longi Silicon Materials Corp also announced a revised forecast for its financial results recently. It said it expected a 54 million yuan loss for 2012, due to bad debts caused by the unpaid receivables from Suntech.

Changzhou Almaden Co Ltd sued Suntech late last year for default and won a ruling to recover 60 million yuan in February.

Lawyers said Suntech will work out a debt settlement program after going bankrupt, and that creditors will get some compensation according to a certain ratio.

We Recommend:

Photo Story: Bittersweet life of auto model

Top 10 richest people in Beijing 2013

34th Bangkok Int'l Motor Show to kick off

Beijing’s second-oldest McDonald outlet closed

Top 10 world's youngest billionaires 2013

China's solar giant declares bankruptcy

Email|Print|Comments(Editor:WangXin、Chen Lidan)

Leave your comment0 comments

  1. Name


Selections for you

  1. Su-27 fighter jet crashes in Shandong

  2. Paramilitary personnels in competition

  3. Photos of the Indian Festival of Colors

  4. Rush for Qingming Festival hits roads, rails

  5. 17 confirmed dead in Tibet landslide

  6. China's weekly story

  7. We miss you so much, Leslie

  8. Bikini-clad girls move on Robstep

  9. Detailed property curbs in Beijing, Shanghai

  10. New York Int'l Auto Show kicks off

Most Popular


  1. Xi's visit starts new era of China-Africa relations
  2. Opinion: It's high time to stop hijacking Tibetans
  3. Significant risks remain for global economy:BRICS
  4. BRICS summit offers bright sunrise
  5. Western leaders learned nothing from Iraq disaster
  6. Home prices thwarts people's 'Chinese dream'

What’s happening in China

Experience death, reflect life: Girl stages her own fake funeral

  1. Man suspected of stabbing women with needles
  2. More HIV cases among Chinese students
  3. Hero's ex-chief admits tainting baby formula
  4. Anger over officer who paid for child sex
  5. Farmer killed in land compensation dispute