> Warren Buffett Blog: Warren Buffet remoured to buy Suntech

Monday, April 22, 2013

Warren Buffet remoured to buy Suntech

Suntech Power Holdings Co., Ltd. (ADR)(NYSE:STP) shares and volumes have seen a surge due to rumours going around that billionaire investor Warren Buffet has plans to buy the company.

Suntech declared bankruptcy after it was unable to pay $541 million in convertible debt on March 15. However with its factories still operating there is not much clarity on how the bankruptcy proceedings will go on. Suntech was the largest solar panel maker in the world with more than 10,000 employees, but the downturn in the industry has claimed it as one of its victims.

Meanwhile Suntech has received a notice from Nasdaq and will soon be delisted. This means that the stock will not be trading in the US markets for a long time.