Suntech Has No Plans to Make Payment on $541 Million Bond
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Suntech Power Holdings Co., once the world’s largest solar-panel maker, “does not plan” to make a principal payment on $541 million in convertible bonds due tomorrow.
Suntech “plans to continue to work with holders of the notes” on restructuring the terms of the debt, the Wuxi, China-based company said in a statement today. The solar producer said March 11 that about 60 percent of bondholders had agreed to wait until May 15 before exercising their rights. Other bondholders said the company never contacted them about the arrangement.