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Suntech Plans to Appeal NYSE Delisting Decision

NEW YORK (AP) -- Suntech Power will appeal a decision by the New York Stock Exchange to begin delisting procedures for American depository shares in the troubled Chinese solar company.

The exchange suspended trading in the company's shares on Nov. 11 over doubts that it would be able to file its financial statements on time. The NYSE also pointed to an ongoing restructuring at the company's main subsidiary and the restatement of previously issued financial results between 2010 and 2011.

Suntech expects the NYSE to make a final decision on its fate by early next year.

Suntech went public in 2005, but fell into trouble in recent years as a worldwide glut of solar panels sent panel prices tumbling.

Beijing, which has stepped in when it's alternative energy companies hit rough spots, has begun to signal that there are limits to what it will do.

Suntech's main Chinese subsidiary, Wuxi Suntech Power Co., was forced into Chinese bankruptcy court in March after missing a $541 million payment to bondholders.


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