Greentech Lead America: Suntech Power Holdings announced it has received a notification from the New York Stock Exchange it has failed to timely file its Form 20-F for the fiscal year ended December 31, 2012.
The Company had previously announced on May 1, 2013 that it required additional time to complete its 2012 Annual Report and will delay the filing beyond the deadline of April 30, 2013.
Suntech filed for bankruptcy in March 2013. The company announced that a group of eight Chinese banks filed a petition for insolvency and restructuring of its Chinese subsidiary Wuxi Suntech Power Holdings in the Wuxi Municipal Intermediate People’s Court in Jiangsu Province, China.
Suntech is working diligently to complete these assessments and file restated financials for 2010 and 2011, as well as the 2012 Annual Report, as soon as practicable, an official statement from the company said.
The NYSE has indicated that it will closely monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from its due date.
If the Company fails to file its annual report within six months from the filing due date, the NYSE may allow the Company’s securities to trade for up to an additional six months.
For the fourth quarter ended December 31, 2012, Suntech revenue declined 8 percent sequentially to $358 million.
For the full year 2012, preliminary results indicate Suntech shipped approximately 1.8GW of PV products, in line with prior guidance.
Revenues for the full year 2012 were approximately $1,625 million, a year-over-year decline of 48 percent.