Suntech misses convertibles payment, contacted about unusual trading

Caroline Salls

Pittsburgh, March 15 - Suntech Power Holdings Co., Ltd. did not make the payment due on the March 15 maturity date of its 3% convertible senior notes due 2013, according to a 6-K filed Friday with the Securities and Exchange Commission.

There were $541 million of the notes outstanding as of March 15.

As previously reported, Suntech entered into a forbearance agreement with holders of more than 60% of the 3% convertible notes.

The company said it plans to continue to work with noteholders to achieve a consensual restructuring.

In addition, Suntech said in a news release that it has been contacted by the New York Stock Exchange, Inc. regarding unusual trading activity relating to its American depositary shares.

According to the release, the company's management is not aware of undisclosed events that triggered the trading activity. Suntech said it is aware of recent market rumors and third-party reports regarding its financial position and other matters.

Suntech is a global manufacturer and distributor of solar panels. Its headquarters are in Wuxi, China.

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