Chinese banks that lent money to solar-panel maker Wuxi Suntech Power, and later put it into administration, are facing substantial losses on their loans, according to the company’s other creditors.
While the total liabilities of Wuxi Suntech – which is the principal operating subsidiary of the US-listed Suntech Power Holdings – remains in dispute, creditors have said the figure is at least Rmb10bn ($1.63bn), while its assets may be less than a quarter that amount.
Both China’s policy bank China Development Bank and Bank of China have exposure to the Wuxi subsidiary, according to statements filed with US regulators.
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