Suntech Power Holdings Co. noteholders won a court ruling on their claim for $550,000 in defaulted debt owed by the Chinese solar-cell maker, a lawyer for the investors said.
U.S. District Judge Robert Patterson Jr. granted the investors’ motion for summary judgment yesterday at a hearing in Manhattan, Jay Teitelbaum, a lawyer for Trondheim Capital Partners LP and Michael Meixler, said in a phone interview. The judge instructed the lawyers to prepare a written judgment, Teitelbaum said. The ruling couldn’t be confirmed on the court’s website.
The investors sued in New York State Supreme Court in Manhattan in June and the case was transferred to federal court in July. They sought a pretrial ruling ordering Wuxi, China-based Suntech to pay $550,000 in principal due on 3 percent 2013 convertible senior notes, plus interest, costs, expenses and legal fees.
Suntech defaulted in March on $541 million of bonds, and eight Chinese banks later that month filed a petition for insolvency and restructuring of the company’s main solar manufacturing unit, Suntech said in a statement on March 20.
David Barres, a lawyer for Suntech, didn’t immediately respond to phone and e-mail messages after regular business hours yesterday seeking comment on the ruling.
The case is Trondheim Capital Partners LP v. Suntech Power Holdings Co., 13-cv-04668, U.S. District Court, Southern District of New York (Manhattan).