Cash-strapped Chinese solar panel maker Suntech Power Holdings Co Ltd is seeking to sell some assets and bring in a strategic investor to repay debt and revitalise the company, a person with direct knowledge of the matter told Reuters on Wednesday. "It is looking for buyers for some of its projects and downstream assets," said the source, who asked not to be identified as he was not authorised to speak to the media. "It is also seeking to bring in a strategic investor to take a stake in the company.""Suntech is in dire need of cash," the source added.He gave no details on how any stake sale would be structured or how it would affect existing shareholders.A spokesman for Suntech Power, whose shares are traded on the New York stock exchange, declined to comment.
Suntech Power Holdings Co., Ltd. (Suntech) is a solar energy company. Shares of STP remained unchanged at $0.62. In the past year, the shares have traded as low as $0.30 and as high as $2.96. On average, 5272340 shares of STP exchange hands on a given day and today's volume is recorded at 0.
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