Suntech Solar USA, Bankrupt!

[elektra]

With all the propaganda about Solar, lets start the year with a fact or two.

To begin the new year;

China s Suntech Power U.S. Unit Seeks Bankruptcy Protection - Bloomberg

China’s Suntech Power U.S. Unit Seeks Bankruptcy Protection

A U.S. unit of China’s Suntech Power Holdings Corp., once the world’s largest solar-panel maker, followed its parent in seeking bankruptcy protection from creditors after increased competition pushed down prices.

San Francisco-based Suntech America Inc., an affiliate of Wuxi, China-based Suntech Power, today listed more than $100 million each in assets and debt in Chapter 11 filings in U.S. Bankruptcy Court in Wilmington, Delaware.

Suntech Power, following creditor demands, filed for Chapter 15 bankruptcy protection last February in Manhattan. U.S. bondholders moved to put the company into bankruptcy on their own with an involuntary bankruptcy liquidation under Chapter 7 after it defaulted on about $541 million of their debt.

The company’s main unit was pulled into bankruptcy proceedings by Chinese banks after it missed a bond payment in March 2013. Shunfeng Photovoltaic International Ltd. (1165), agreed to buy the unit for 3 billion yuan ($484 million).

Suntech America was forced to seek bankruptcy due to “a rapid decrease in the price of solar panels due to an expansion of Chinese solar panel manufacturing capacity,” Suntech Group Chief Restructuring Officer Robert Moon said in court filings.

 

[Moonglow]

Remember when there was more than three oil companies?

 

[elektra]

Remember when there was more than three oil companies?

Remember when Solar was a thriving profitable industry without direct government subsidies? Of course not.
Solar will always be an expensive parasite as a form of Energy, it is ridiculous to use our Oil reserves to make Solar Panels.

Moonglow, who told you there were only 3 oil companies? That is a ridiculous statement. You must be confused, in time, with more government regulations, bad policies, as well as the courts allowing endless lawsuits, your dream of only three will soon be achieved. I bet the Government and Advocates hope for zero Oil Companies.

 

[TheOldSchool]

Elektra, Arabian Sheiks, and terrorists rejoice!

 

[Manonthestreet]

Solar Subsidies Scam Taxpayers And Homeowners Solar Subsidies Scam Taxpayers Homeowners Utilities SCTY GOOGL - Investors.com

 

[Old Rocks]

LOL Anyone here driving a Whippet or a Hudson?

A rapidly developing tech is going to have major winners and losers.

Top U.S. Solar Company Profits Amid Red Energy - Bloomberg

First Solar Inc. (FSLR) Chairman Mike Ahearn has found the best way to make money from photovoltaics is to sell whole power plants to Warren Buffett andNextEra Energy Inc. (NEE) instead of competing with China on panel sales.

The biggest U.S. solar company is forecast to report the only profit in the second quarter among the 17 companies in the BI Global Large Solar index, according to estimates collected by Bloomberg. The rest, led by Suntech Power Holdings Co. (STP) of China, are predicted to have losses.

Suntech and the other Chinese manufacturers that dominate the industry have focused almost exclusively on panel sales, exposing themselves to the brunt of a 47 percent plunge in prices in the past year. Ahearn has insulated First Solar by cutting production and expanding sales of the PV power plants, said Sanjay Shrestha, an analyst at Lazard Capital Markets. Buffett and NextEra are among the company’s best customers.

“Their strong project pipeline is helping them weather the storm that everyone else is caught in,” Shrestha said in an interview. “That’s buying them time while the rest of the industry scrambles for the next panel sale.”

First Solar will report net income of 60.1 cents a share in the second quarter, according to the average estimate of nine analysts surveyed by Bloomberg. It’s due to report earnings after trading finishes tomorrow in New York. Suntech and its rivals, mainly Chinese companies listed in New York, are due to report later in August. Yesterday, Suntech said it may delay its earnings due to a suspected fraud.

A rapidly changing and developing market. With the amount of installations, utility and private, are increasing. Bumps? Damned right. How many years have major auto companies showed losses? And then came back to make good profits. That you idiots think that the companies that are going broke are causes for rejoicing simply indicates the shallowness of your thought processes.

 

[Old Rocks]

TrendForce 2015 Worldwide Solar Demand to Grow 16.5 Emerging Markets Growth to Surpass... -- TAIPEI Dec. 15 2014 PRNewswire --
TrendForce: 2015 Worldwide Solar Demand to Grow 16.5%, Emerging Markets Growth to Surpass 40%
TAIPEI, Dec. 15, 2014 /PRNewswire/ -- The worldwide solar market demand in 2014 was approximately at 44GW, even though the China market did not perform as well as expectations, due to the continuous growth in Japan and the U.S. market, the supply and demand remained stable. At the end of 2014, the overall supply chain maintained a solid utilization rate, while China's tier-one module manufacturers also continued to break shipment records. Jason Huang, Research Manager at EnergyTrend, a research division of TrendForce, indicates that the 2015 worldwide solar demand is projected at 51.4GW, with the key markets remaining inChina, United States, and Japan, taking up 57% of the overall share, yet it is slightly lower than that of 2014. The rise of the emerging markets (the solar installation countries that are out of top 10) has begun to appear starting the second half of 2014. In 2015, the growth momentum of the emerging markets will become more apparent, and the overall demand will surpass 10GW.

2015 Solar Market's 5 Major Trends as follows:

How many other industries have trends like this?

 

[bripat9643]

Remember when there was more than three oil companies?

There still is, moron.

 

[westwall]

LOL Anyone here driving a Whippet or a Hudson?

A rapidly developing tech is going to have major winners and losers.

Top U.S. Solar Company Profits Amid Red Energy - Bloomberg

First Solar Inc. (FSLR) Chairman Mike Ahearn has found the best way to make money from photovoltaics is to sell whole power plants to Warren Buffett andNextEra Energy Inc. (NEE) instead of competing with China on panel sales.

The biggest U.S. solar company is forecast to report the only profit in the second quarter among the 17 companies in the BI Global Large Solar index, according to estimates collected by Bloomberg. The rest, led by Suntech Power Holdings Co. (STP) of China, are predicted to have losses.

Suntech and the other Chinese manufacturers that dominate the industry have focused almost exclusively on panel sales, exposing themselves to the brunt of a 47 percent plunge in prices in the past year. Ahearn has insulated First Solar by cutting production and expanding sales of the PV power plants, said Sanjay Shrestha, an analyst at Lazard Capital Markets. Buffett and NextEra are among the company’s best customers.

“Their strong project pipeline is helping them weather the storm that everyone else is caught in,” Shrestha said in an interview. “That’s buying them time while the rest of the industry scrambles for the next panel sale.”

First Solar will report net income of 60.1 cents a share in the second quarter, according to the average estimate of nine analysts surveyed by Bloomberg. It’s due to report earnings after trading finishes tomorrow in New York. Suntech and its rivals, mainly Chinese companies listed in New York, are due to report later in August. Yesterday, Suntech said it may delay its earnings due to a suspected fraud.

A rapidly changing and developing market. With the amount of installations, utility and private, are increasing. Bumps? Damned right. How many years have major auto companies showed losses? And then came back to make good profits. That you idiots think that the companies that are going broke are causes for rejoicing simply indicates the shallowness of your thought processes.

Maybe some day you'll show us a winner? Somehow I doubt it. Your first Soar is a wonderful case in point. I bet you didn't bother to read he story did you....



"Investors aren’t giving Ahearn credit for the shift yet. First Solar’s shares have fallen 88 percent in the past year through yesterday, sharper than the 75 percent decline in the Large Solar index. Ted Meyer, a First Solar spokesman, declined to comment, citing a quiet period before its results. They gained 9.4 percent to $15.54 at the close in New York.

“The big risk is that they won’t be able to replace the pipeline as existing projects are completed,” said Rob Stone, an analyst at Cowen & Co. in New York who has a neutral rating on the stock. Many of First Solar’s projects relied on government backing to make them profitable, and those programs have expired. “How much longer can their profitability last?”

MidAmerican Energy Holdings Co., a unit of Buffett’s Berkshire Hathaway Inc. (BRK/B), agreed on Dec. 7 to buy the Topaz Solar Farm in California developed by First Solar. The project’s development budget is $2.5 billion and may generate 550 megawatts of power starting in 2015, making it one of the world’s largest PV plants.

 

[elektra]

Suntech, Ivanpah, Solyndra, and First Solar, there are no equals to these failures, in any of the other types of Energy.

LOL Anyone here driving a Whippet or a Hudson?

A rapidly developing tech is going to have major winners and losers.

Top U.S. Solar Company Profits Amid Red Energy - Bloomberg

First Solar Inc. (FSLR) Chairman Mike Ahearn has found the best way to make money from photovoltaics is to sell whole power plants to Warren Buffett andNextEra Energy Inc. (NEE) instead of competing with China on panel sales.

The biggest U.S. solar company is forecast to report the only profit in the second quarter among the 17 companies in the BI Global Large Solar index, according to estimates collected by Bloomberg. The rest, led by Suntech Power Holdings Co. (STP) of China, are predicted to have losses.

Suntech and the other Chinese manufacturers that dominate the industry have focused almost exclusively on panel sales, exposing themselves to the brunt of a 47 percent plunge in prices in the past year. Ahearn has insulated First Solar by cutting production and expanding sales of the PV power plants, said Sanjay Shrestha, an analyst at Lazard Capital Markets. Buffett and NextEra are among the company’s best customers.

“Their strong project pipeline is helping them weather the storm that everyone else is caught in,” Shrestha said in an interview. “That’s buying them time while the rest of the industry scrambles for the next panel sale.”

First Solar will report net income of 60.1 cents a share in the second quarter, according to the average estimate of nine analysts surveyed by Bloomberg. It’s due to report earnings after trading finishes tomorrow in New York. Suntech and its rivals, mainly Chinese companies listed in New York, are due to report later in August. Yesterday, Suntech said it may delay its earnings due to a suspected fraud.

A rapidly changing and developing market. With the amount of installations, utility and private, are increasing. Bumps? Damned right. How many years have major auto companies showed losses? And then came back to make good profits. That you idiots think that the companies that are going broke are causes for rejoicing simply indicates the shallowness of your thought processes.

Hudsons and Whippets? Old Crock, you stated Henry Ford used horses to transport his materials, when everyone knows that Henry Ford used trains and trucks. Now you think you are making a point with an article from 2012?

Old Crock, its 2015, that is like 3 years later, right!

Old Crock, you got to move faster than a horse drawn carriage if you want to keep up!

 

[Old Rocks]

Top 50 PV Module Manufacturers to Add 10GW in Module Capacity in 2014 Greentech Media

This year will usher in a new growth phase for the global PV supply chain, as the industry recovers from the overcapacity-induced downturn of the last few years, according to findings from PV Pulse, GTM Research’s newest upstream data service. Driven by strong end-market growth out of China, Japan and the U.S., the 50 largest PV module suppliers alone will add more than 10 gigawatts in manufacturing capacity in 2014, with similar expansions expected for producers of polysilicon, wafers and cells.

Source: GTM Research P

My, for a losing industry, they certainly are adding capacity all over the world.

 

[Old Rocks]

Korean photovoltaic power companies showed a significant performance improvement in the first quarter of this year.

Hanwha Chemical recorded 83 billion won (US$81.3 million) in operating profits during the period. The successful turnaround can be attributed to its photovoltaic business unit, which posted 24.1 billion won (US$23.6 million) in profits. The division’s losses had amounted to 27.6 billion won (US$27 million) in Q1, 2013.

Hanwha Q Cells, another solar power subsidiary of the Hanwha Group, is succeeding in cost reduction and demand expansion, too. This year, the Hanwha Group’s photovoltaic business is showing a remarkable performance in the downstream segment, which is considered to be more profitable. Hanwha Q Cells is faring particularly well in European countries like Britain, France, and Denmark.

OCI is following the same course as well. 14 billion won (US$13.7 million) out of its 27.86 billion won (US$27.3 million) in operating profits for Q1 was earned by the Basic Chemical Division engaged in the polysilicon business. The company posted 40 billion won (US$39 million) in losses during the same period last year.

The recent rise in the average price of polysilicon, which is in use as a photovoltaic material, is helping out OCI. According to market research firm PV Insight, the price rose from approximately US$15.00 to US$21.50 per kilogram between early January and mid-May.

Woongjin Holdings also made a turnaround in the same quarter with business profits of 3.53 billion won (US$3.46 million). Woongjin Energy, its subsidiary doing the solar power business, succeeded in cutting most of its losses. Woongjin Energy announced on May 15 that its business losses dropped to 3.193 billion won (US$3.126 million) from 11.736 billion won (US$11.490 million) between the first quarters of 2013 and 2014.

Photovoltaic firms smaller in size than the market leaders are doing well, too. For instance, Shinsung Solar Energy boosted its sales by as much as 178 percent year-on-year to 45.9 billion won (US$44.9 million) in Q1, posting profits from the 6.2 billion won (US$6.1 million) losses of Q1 last year. S Energy increased its sales and profits by 62.4 percent and 144.6 percent to 64.212 billion won (US$62.864 million) and 3.091 billion won (US$3.026 million), respectively.

- See more at: Turning Around Solar Power Companies Turning Losses into Profits BusinessKorea

Gloom and doom? Doesn't sound like it.

 

[elektra]

Korean photovoltaic power companies showed a significant performance improvement in the first quarter of this year.

Hanwha Chemical recorded 83 billion won (US$81.3 million) in operating profits during the period. The successful turnaround can be attributed to its photovoltaic business unit, which posted 24.1 billion won (US$23.6 million) in profits. The division’s losses had amounted to 27.6 billion won (US$27 million) in Q1, 2013.

Hanwha Q Cells, another solar power subsidiary of the Hanwha Group, is succeeding in cost reduction and demand expansion, too. This year, the Hanwha Group’s photovoltaic business is showing a remarkable performance in the downstream segment, which is considered to be more profitable. Hanwha Q Cells is faring particularly well in European countries like Britain, France, and Denmark.

OCI is following the same course as well. 14 billion won (US$13.7 million) out of its 27.86 billion won (US$27.3 million) in operating profits for Q1 was earned by the Basic Chemical Division engaged in the polysilicon business. The company posted 40 billion won (US$39 million) in losses during the same period last year.

The recent rise in the average price of polysilicon, which is in use as a photovoltaic material, is helping out OCI. According to market research firm PV Insight, the price rose from approximately US$15.00 to US$21.50 per kilogram between early January and mid-May.

Woongjin Holdings also made a turnaround in the same quarter with business profits of 3.53 billion won (US$3.46 million). Woongjin Energy, its subsidiary doing the solar power business, succeeded in cutting most of its losses. Woongjin Energy announced on May 15 that its business losses dropped to 3.193 billion won (US$3.126 million) from 11.736 billion won (US$11.490 million) between the first quarters of 2013 and 2014.

Photovoltaic firms smaller in size than the market leaders are doing well, too. For instance, Shinsung Solar Energy boosted its sales by as much as 178 percent year-on-year to 45.9 billion won (US$44.9 million) in Q1, posting profits from the 6.2 billion won (US$6.1 million) losses of Q1 last year. S Energy increased its sales and profits by 62.4 percent and 144.6 percent to 64.212 billion won (US$62.864 million) and 3.091 billion won (US$3.026 million), respectively.

- See more at: Turning Around Solar Power Companies Turning Losses into Profits BusinessKorea

Gloom and doom? Doesn't sound like it.

Go invest your retirement in Solar stocks then, like Shinsung Solar Energy, which I take from your post, Old Crock.

The Korea Economic Daily

Several leading solar technology companies such as NeoSemi Tech, OCI, Shinsung Solar Energy, and Hanhwa SolarOne went bankrupt or performed badly. According to Korea EXIM Bank, as much as 75 percent of Korean solar power companies will go through a form of restructuring until the end of 2014. It may be a replay of the dot-com bubble burst all over again.

Probability of Shinsung Solar Energy going bankrupt?

Shinsung Probability Of Bankruptcy 011930.KS Korea

Shinsung Probability Of Bankruptcy = Normalized Z-Score = 51.84 %

Old Crock is a wealth of information, Shinsung? Go ahead and invest your life in Shinsung Solar Energy. I dare you.

 

[elektra]

Not sure why you would chose Shinsung Solar Energy as an example, I guess Old Crock simply does not read or research, just blind Google searches, cut/paste, cut/paste

One year return of -9.64, seems like doom and gloom to me.

011930 Korea SE Stock Quote - Shinsung Solar Energy Co Ltd - Bloomberg
Shinsung Solar Energy Co Ltd
1-Yr Rtn: -9.64

 

[westwall]

Not sure why you would chose Shinsung Solar Energy as an example, I guess Old Crock simply does not read or research, just blind Google searches, cut/paste, cut/paste

One year return of -9.64, seems like doom and gloom to me.

011930 Korea SE Stock Quote - Shinsung Solar Energy Co Ltd - Bloomberg
Shinsung Solar Energy Co Ltd
1-Yr Rtn: -9.64

olfraud regularly posts links that he never bothered to read. It's a problem with him.