Suntech Delays Bond Repayment to May 15 in Restructuring
This article is for subscribers only.
Suntech Power Holdings Co., once the world’s biggest solar-panel maker, said it received a two-month forbearance on repaying $541 million of bonds as negotiations to restructure the debt continue.
More than 60 percent of the holders of the notes, which are convertible into stock, agreed not to exercise their rights until May 15, the Wuxi, China-based company said yesterday in a statement. The bonds were scheduled to mature Friday and Suntech hired UBS AG last year to advise it on extending the deadline.