30 Apr '13, 4am
OCI cancels polysilicon supply contracts with Suntech
OCI cancels polysilicon supply contracts with Suntech Jackie Chang, DIGITIMES, Taipei [Tuesday 30 April 2013] South Korea-based solar material provider OCI has terminated two supply contracts with China-based Wuxi Suntech Power and one supply contract with Suntech International. OCI noted that the contract termination was based on Wuxi Suntech's insolvency and restructuring plan disclosed on March 20, 2013 and Suntech International's announcement of provisional moratorium which was granted by the judicial authorities in Schaffhausen, Switzerland on April 10, 2013. OCI stated that it believes its customer will revive and become a healthier company. According to OCI, the contract singed on March 24, 2008 with Wuxi Suntech had the amount of US$631.5 million with current balance at US$419.4 million. The August 28, 2008 contract with Wuxi Suntech had the amount of US$751.6 mill...