The New York Stock Exchange said Thursday it was reviewing the listing of Suntech Power Holding Co.'s US-traded shares after the giant solar-panel maker's main China unit moved into bankruptcy reorganization.
The NYSE announced the review of Suntech's American Depositary Receipts (ADRs) after the company reported Thursday that a court in Wuxi, Jiangsu Province, had "formally accepted" a petition for the restructuring of Wuxi Suntech Power, its principal operating subsidiary in China.
Eight Chinese banks filed the petition on Monday after Suntech defaulted on $541 million in bonds.
"The insolvency and restructuring procedure is designed to facilitate an orderly process for both Wuxi Suntech and its creditors," Suntech said in a statement.
"The primary goal is to restructure Wuxi Suntech's debt obligations, while continuing production and operations."
Suntech's uncertain status before the NYSE is the latest blow to the company, one of the world's two largest producers of solar cells and panels, as it confronts huge overcapacity in the global solar industry.
In addition, the European Union and the United States last year targeted Suntech and other Chinese solar panel manufacturers in trade actions, accusing them of exporting their products below cost and receiving unfair government subsidies.
Suntech ADRs meanwhile were allowed to resume trading Thursday after being halted for two days following Monday's announcement.
In midday trade the shares were at 52.2 cents, down 11.0 percent from their previous close.