Suntech intends to challenge bankruptcy petition
Print Edition
Suntech Power Holdings said it intended to challenge a petition for involuntary bankruptcy filed against it in the United States by some bondholders.
A group of four bondholders holding about US$1.6 million of the company’s 3 percent convertible senior notes due 2013 made the filing under Chapter 7 of the US Bankruptcy Code.
Suntech defaulted in March on a payment on its US$541 million convertible bonds, causing its main unit, Wuxi Suntech, to file for bankruptcy protection in China five days later.
Suntech said it had until Wednesday to respond to a filing made in the US Bankruptcy Court in New York.
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