China Sunergy Co., Ltd. (NASDAQ: CSUN)
As disclosed before, China Sunergy and CEEG entered into a share transfer agreement on March 26, 2014, amended on August 14, 2014 . Pursuant to the Share Transfer Agreement, the remaining two installments, in the aggregate amount of RMB 39.6 million, shall be paid by CEEG prior to August 31, 2014 and September 30, 2014, respectively. However, it failed to make the remaining payment pursuant to the schedule. As of the date of this press release, the total amount paid by CEEG to the Company was RMB 40 million.
The Company is diligently working towards causing CEEG to resolve the issues identified above, and CEEG has agreed to the Company that all remaining payment to which the Company is entitled under the Share Transfer Agreement would be paid in full.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.