Those bondholders who have signed onto the agreement will not exercise their rights if they are not repaid on Friday, Suntech says, allowing the company to work with them further “with a view to achieving a consensual restructuring” before a new deadline of 15 May.
The announcement comes at a frantic period for the Chinese PV giant, which recently booted founder and long-term chief executive Shi Zhengrong from its board, setting in motion what some observers describe as a fight for control of the company – the world’s largest supplier of PV modules until 2011,
Local press reports over the weekend indicated that several uncompetitive Suntech subsidiaries will seek bankruptcy protection this week, as part of a broader restructuring package backed by...
