Suntech filed for Chapter 15 protection in 2014, hoping to halt a forced Chapter 7 dissolution. The company, registered in the Cayman Islands, noted in that filing that it was under obligation to at least 100 creditors and in possession of more than $1 billion in assets and financial liabilities.
Suntech was previously the parent company to a global network of manufacturers and distributors of photovoltaic cell technology applications for both commercial and residential market segments. In early 2013, the company failed to meet the obligations attached to more than $500 million it owed to bond holders. It sold off its chief subsidiary company toward the end of that year, just after four American bondholders initiated an involuntary petition for Chapter 7 with the court. The current Chapter 15 proceeding halted that initiative and now allows Suntech to seek viable long-term solutions to its financial crisis.