|By PR Newswire||
|March 18, 2014 02:23 AM EDT||
GEORGE TOWN, Cayman Islands, March 18, 2014 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (OTC: STPFQ) (the "Company" or "Suntech") today announced that, following the January 27, 2014 judgment from the High Court of the Republic of Singapore ordering Suntech Power Investment Pte., Ltd. ("Suntech Singapore") to pay to Suntech's subsidiary, Power Solar System Co., Ltd. (in liquidation) ("PSS"), approximately US$263.9 million (the "Judgment Debt"), on February 20, 2014, the Liquidator of PSS issued a statutory demand against Suntech Singapore for the Judgment Debt. Suntech Singapore was required to repay the Judgment Debt by March 13, 2014, but it has failed to do so. Suntech Singapore is now deemed to be unable to pay its debts under the Singapore Companies Act. However, on March 12, 2014, Suntech Singapore filed an application to set aside the Judgment Debt. PSS is considering the application and will make further announcements as may be warranted.
PSS has also filed a civil complaint with the Shanghai No.1 Intermediate People's Court ("the PRC Court") against Suntech Singapore for an outstanding principal amount of US$11 million and its overdue interest. The PRC Court officially accepted filing of this complaint on February 18, 2014, with the hearing fixed on November 5, 2014. In conjunction with the civil complaint, PSS applied to the PRC Court for a preservation order in respect of onshore assets held by Suntech Singapore, in particular an equity interest in Suntech Power Company Limited ("Suntech Shanghai"). The application was granted by the PRC Court on March 4, 2014. The preservation period will initially be for a year, subject to extension upon application by PSS.
"We will rigorously defend the application by Suntech Singapore to set aside PSS' judgment for the sum of US$263.9 million, and will take all necessary steps to recover value for creditors," said Mr. John Ayres, a Liquidator of PSS. "We are also making substantial progress in the investigation of the purported transfer of the equity interests in Suntech Power Japan Corporation ("Suntech Japan") and Suntech Singapore to Wuxi Suntech Power Co., Ltd. These actions appear to have been taken without proper regard for the interests of creditors and shareholders of the Company and appropriate actions will be taken in due course," added Mr. Ayres.
"Suntech Shanghai is a valuable core subsidiary of Suntech Singapore, and in obtaining the asset preservation order in the PRC we have hopefully prevented the asset from being placed beyond reach. We are confident that the actions being taken will lead to a successful recovery for creditors of the Company and we call upon the relevant parties to work with us to expedite a resolution of the various claims and matters which we are dealing with," commented Mr. David Walker, the Joint Provisional Liquidator of the Company.
Suntech Power Holdings Co., Ltd. (OTC: STPFQ), through its international subsidiaries, has delivered more than 25,000,000 photovoltaic panels to over a thousand customers in more than 80 countries. Suntech's pioneering R&D creates customer-centric innovations that are designed to drive solar to grid parity against fossil fuels. Suntech's mission is to provide everyone with reliable access to nature's cleanest and most abundant energy source.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes the status of any transfer or disposal of shares of Suntech Japan and Suntech Singapore. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For media enquiries, please contact:
Ph: +1 345 914 8662
Email: [email protected]
Ryan Scott Ulrich
Public Relations and Investor Relations Director
Ph: +86 510 8531 8654
Email: [email protected]
SOURCE Suntech Power Holdings Co., Ltd.
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
Oct. 23, 2016 02:15 AM EDT Reads: 975
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 23, 2016 02:15 AM EDT Reads: 530
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Oct. 23, 2016 02:00 AM EDT Reads: 10,955
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Oct. 23, 2016 01:45 AM EDT Reads: 667
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 23, 2016 01:45 AM EDT Reads: 3,809
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Oct. 23, 2016 01:30 AM EDT Reads: 1,025
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Oct. 23, 2016 01:30 AM EDT Reads: 3,643
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 23, 2016 01:15 AM EDT Reads: 879
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Oct. 23, 2016 01:15 AM EDT Reads: 982
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
Oct. 23, 2016 12:45 AM EDT Reads: 3,520
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 23, 2016 12:15 AM EDT Reads: 2,428
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
Oct. 23, 2016 12:00 AM EDT Reads: 1,188
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 23, 2016 12:00 AM EDT Reads: 797
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
Oct. 23, 2016 12:00 AM EDT Reads: 430
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Oct. 23, 2016 12:00 AM EDT Reads: 1,821