Suntech Power Announces Default
Suntech Power (NYSE: STP) entered into an agreement with most of its bond holders to delay a payment of $541 million until May 15.
Yesterday, Suntech announced that it has defaulted on its 3 percent convertible notes.
According to Bloomberg (citing Moody's), "No company has defaulted on publicly traded debt in China since the central bank began regulating the market in the late 1990s."
Suntech was the world's largest manufacturer of solar modules in 2011.
Labels: Default, solar panels, Solar Technology, STP, Suntech Power
posted by GM at
8:49 AM
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