Wednesday, May 15, 2013

Suntech agrees on new forbearance agreement with convertible note holders

USA: Suntech Power Holdings Co. Ltd announced that it has agreed on a new forbearance agreement with the majority of the holders of the company's 3 percent convertible notes for which a principal payment of $541 million was due on March 15, 2013.

Under the new forbearance agreement, the signing bondholders agree not to exercise their rights under the Notes and the related indenture until June 28, 2013, subject to certain market-standard early termination events.

David King, Suntech's CEO, said: "This new forbearance agreement demonstrates bondholders' continued support for Suntech. The agreement will enable Suntech to continue to work with bondholders towards achieving a consensual restructuring."

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