Saturday, August 9, 2014

Chinese solar firms seek bankruptcy protection for U.S. assets in reportedly precedent-setting case



In a unique circumstance, four Chinese solar panel companies are seeking bankruptcy court protection in New Jersey for their U.S. assets — namely, 275,000 panels stored in the Garden State.
The bankruptcy division of Archer & Greiner, a law firm with offices across the state, filed petitions on behalf of the companies in U.S. Bankruptcy Court in Camden under Chapter 15, which governs the proceedings of foreign debtors.
The collection of cases, which Archer & Greiner attorneys announced last week, is believed to be the only filing of its kind from mainland China under Chapter 15; Stephen Packman, who is counseling the Chinese companies, explained:
“This is the first time, to our knowledge, debtors from (mainland China), with bankruptcy proceedings pending there, have elected to utilize the bankruptcy system here.”
Zhejiang Topoint Photovoltaic Co. Ltd. and its three affiliates, Zhejiang Jiutai New Energy Co. Ltd., Zhejiang Yutai Solar Materials Co. Ltd. and Zhejiang Willsolar Photoelectric Materials Co. Ltd., are the debtors in question.
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