Creditors of the main unit of Chinese solar panel maker Suntech Power Holdings Co. Ltd. today approved a plan to restructure its $1.75 billion debts with proceeds from acquirer Hong Kong-listed Shunfeng Photovoltaic International Ltd., Reuters reported today. Shunfeng announced this month it had agreed to take over indebted Wuxi Suntech Power Co. Ltd. for 3 billion yuan ($493 million), pending approvals from various parties including its own shareholders and Wuxi Suntech's creditors on the debt restructuring. Shunfeng has said that it would use the proceeds to pay down Wuxi Suntech's debts. Creditors, including representatives from Chinese banks as well as domestic and foreign suppliers, backed the debt restructuring plan.
