Suntech Falls as Maxim Predicts ‘Likely’ Default, Bankruptcy
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Suntech Power Holdings Co., the Chinese solar-panel maker that announced a forbearance agreement for $541 million in convertible debt due tomorrow, fell to a record low after Maxim Group LLP said the company is “likely” to default and enter bankruptcy.
Suntech tumbled 22 percent to 65 cents at the close in New York, the lowest since it began trading in December 2005. The bonds increased to 32 cents on the dollar.