Suntech looks for 'strategic investor'

Suntech has acknowledged it is working to find a strategic investor to help bail it out, as it yet again extended its “forbearance agreement” with holders of bonds worth more than half a billion US dollars.

The latest extension buys the bankrupt Chinese PV giant another two months – until 30 August – before its bonds come due.

By missing a 15 March deadline to repay those bonds, Suntech became the first major Chinese company to default on its corporate bonds, and its principal Chinese manufacturing subsidiary was subsequently forced into insolvency as a result.

The company says, however, that it is making progress in negotiating a debt restructuring plan with bondholders.

It also confirms that it is working with its bondholders to identify “strategic and financial investors to bring Log in to read complete article.

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