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Energy

Suntech Defaults on Bond Payment

By Paul Ausick Updated
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Alternative Energy sources
thinkstock
As expected, Suntech Power Holdings Co. Ltd. (NYSE: STP) failed to make a required $541 million bond repayment scheduled for last Friday. The company claimed last week to have reached forbearance agreements with about 60% of its foreign bondholders, who agreed to give the struggling solar panel maker an additional two months to either pay or renegotiate.

The failure to make Friday’s payment is a default and a bankruptcy filing is a distinct possibility. Bondholders who did not agree to any forbearance are reported to be demanding that the trustee file an involuntary bankruptcy notice. If such a filing should occur, the bankruptcy could be either a Chapter 7 liquidation or a Chapter 11 reorganization. The trustee for the bonds is Wilmington Trust Co. of Wilmington, Delaware.

Suntech is the second-largest Chinese company as measured by revenue listed on U.S. exchanges, and a bankruptcy filing either by or on behalf of Suntech would be the highest visibility bankruptcy by a Chinese firm in many years.

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