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Loan reprieve for struggling Suntech
By Richard Fu |
March 12, 2013, Tuesday
|
Online Edition
Online Edition
STRUGGLING Suntech Power Holdings Co says it has reached an agreement with some bondholders to defer by two months a US$541 million loan due on Friday.
This has won a temporary reprieve for the Chinese solar energy company, hit hard by a slump in the sector.
Holders of more than 60 percent of convertible notes agreed not to exercise their rights until May 15, in the event the company fails to make payments by Friday, the Wuxi, Jiangsu Province-based company said last night.
Loss-making Suntech has been seeking a government bailout to help restructure its debt.
"The forbearance agreement demonstrates bondholders' support for Suntech and provides an excellent platform to further discussions towards a mutually agreeable restructuring of the notes," Chief Executive David King said.
"We are making progress and are working to find a resolution soon," he added.
The US-listed company last week named Susan Wang, a director of Suntech since April 2009, as chairwoman, replacing founder Shi Zhengrong.
Shi has refused to step down, saying he's being unlawfully removed.
This has won a temporary reprieve for the Chinese solar energy company, hit hard by a slump in the sector.
Holders of more than 60 percent of convertible notes agreed not to exercise their rights until May 15, in the event the company fails to make payments by Friday, the Wuxi, Jiangsu Province-based company said last night.
Loss-making Suntech has been seeking a government bailout to help restructure its debt.
"The forbearance agreement demonstrates bondholders' support for Suntech and provides an excellent platform to further discussions towards a mutually agreeable restructuring of the notes," Chief Executive David King said.
"We are making progress and are working to find a resolution soon," he added.
The US-listed company last week named Susan Wang, a director of Suntech since April 2009, as chairwoman, replacing founder Shi Zhengrong.
Shi has refused to step down, saying he's being unlawfully removed.
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