Reuters: Bankruptcy News: Suntech seeks more time to file restated results

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Suntech seeks more time to file restated results May 1st 2013, 13:05 Wed May 1, 2013 9:05am EDT May 1 (Reuters) - Suntech Power Holdings Co Ltd, whose main unit is in insolvency proceedings, said it would need more time to file restated financial statements for 2010 and 2011. Suntech, which said revenue fell by an estimated 48 percent in 2012, had planned to file the restated results in early 2013. The company also said it would delay the filing of its annual report for 2012 as it needed more time to assess the impact of restructuring at its main unit in China, a moratorium on debt repayments in Europe and its ongoing discussions with holders of its 3 percent convertible notes. Suntech determined that its financial results between 2010 and the first quarter of 2012 could no longer be relied upon after it found that German bonds pledged as collateral by a partner in a solar development fund did not exist. Suntech has not released quarterly results since the second quarter of 2012, and had reported losses for the four quarters before that amid a relentless fall in prices for solar panels. Suntech estimated fourth-quarter revenue of about $358 million. It reported $629 million a year earlier. Revenue for 2012 nearly halved to $1.63 billion, the company said on Wednesday.

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