China's Suntech top casualty of slump
Suntech, whose panels power several Pacific Gas and Electric Co. solar projects in Northern and Central California - and are installed at San Francisco International Airport and the California Academy of Sciences - established its U.S. headquarters along San Francisco's Embarcadero in 2007. The parent company is not filing for bankruptcy and will honor its warranties on installed panels, it said in a statement. Plummeting prices were cutting its profits to shreds, a situation made worse by the imposition of U.S. tariffs and revelations last year that a $680 million loan collateral note had been faked by a business partner. The suit accuses the three companies of illegally flooding the U.S. market and driving Solyndra, which was backed by a $535 million federal loan guarantee, out of business. Shares in the company, which specializes in cloud-based revenue management software for pharmaceutical and tech companies, jumped close to 30 percent from the initial offer of $15.50. According to an Ernst & Young survey released Wednesday, this has so far been a very good year for IPOs, with 24 public offerings raising more than $6.7 billion. With Assemblyman Tom Ammiano, D-San Francisco, making a legislative attempt to put California's medical marijuana business on a firmer regulatory footing, what better time for a serious panel discussion on what's happening in San Francisco. Reported by SFGate 2 hours ago.
Suntech, whose panels power several Pacific Gas and Electric Co. solar projects in Northern and Central California - and are installed at San Francisco International Airport and the California Academy of Sciences - established its U.S. headquarters along San Francisco's Embarcadero in 2007. The parent company is not filing for bankruptcy and will honor its warranties on installed panels, it said in a statement. Plummeting prices were cutting its profits to shreds, a situation made worse by the imposition of U.S. tariffs and revelations last year that a $680 million loan collateral note had been faked by a business partner. The suit accuses the three companies of illegally flooding the U.S. market and driving Solyndra, which was backed by a $535 million federal loan guarantee, out of business. Shares in the company, which specializes in cloud-based revenue management software for pharmaceutical and tech companies, jumped close to 30 percent from the initial offer of $15.50. According to an Ernst & Young survey released Wednesday, this has so far been a very good year for IPOs, with 24 public offerings raising more than $6.7 billion. With Assemblyman Tom Ammiano, D-San Francisco, making a legislative attempt to put California's medical marijuana business on a firmer regulatory footing, what better time for a serious panel discussion on what's happening in San Francisco. Reported by SFGate 2 hours ago.