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Suntech’s Ousted Founder Says Board Has No Plan for Debt

Shi Zhengrong, who was ousted as chairman of Suntech Power Holdings Co. this week, said the solar manufacturer’s board has no plans for refinancing the $541 million convertible bond due on March 15.

The founder of what was the world’s biggest solar panel maker said he was “shocked” by the board’s “misconceived and unlawful” decision to remove him and that he’s been excluded from meetings for the past month.