CHINA: Suntech Power Holdings Co. Ltd announced that it has been contacted by the New York Stock Exchange, Inc. regarding today's unusual trading activity relating to its American depositary shares.
Management of the company is not aware of undisclosed events that triggered such trading activity. The company is aware of recent market rumors and third party reports regarding the company's financial position and other matters.
As reported by the company on March 11, 2013, it has entered into a forbearance agreemen with holders of over 60 percent of its 3 percent Convertible Notes, for which a principal payment of $541 million is due on March 15, 2013.
The company does not plan to make such payment and the company's management is not aware of any pending or planned actions or claims in relation to such non-payment by the trustee or the holders of the Notes. As previously disclosed, the company plans to continue to work with holders of the Notes with a view to achieving a consensual restructuring.