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Chinese solar panel company defaults on $541 million worth of bonds

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Chinese solar panel giant Suntech Power announced Monday that it was in default on its debt after failing to make a payment on $541 million worth of bonds.

One of the world’s top two solar cell and panel producers, targeted last year by US trade sanctions, Suntech said it had already entered an agreement with 60 percent of the bond holders to hold off legal claims while a debt restructuring can be negotiated.

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The non-payment on the bonds triggered cross-default clauses with other lenders, putting Suntech in default on debt to the International Finance Corp. and Chinese domestic lenders.

The company said in a statement that it was unaware so far of any legal proceedings against it from creditors.

“Suntech intends to continue to engage with holders of the notes and other lenders with a view to achieving a consensual restructuring.”

“It is currently a very difficult time for our company and our industry, but the management and board of Suntech are committed to finding a way forward,” said Suntech chief executive David King in a statement.

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“We are currently exploring strategic alternatives with lenders and potential investors, which could help to set us on a path towards longer term success.”

Earlier this month, Suntech announced it was shutting a plant in the US state of Arizona and named a new chairwoman, ousting founder Shi Zhengrong.

US and European solar panel producers have blamed Suntech and other Chinese producers for flooding the global market, pushing prices down.

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The European Union began an anti-dumping investigation into Chinese solar panels in September last year, followed by an anti-subsidy probe in November.

The United States last October confirmed hefty anti-dumping and anti-subsidy duties on Chinese solar cell makers, adding to trade tensions between the two economic powers.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Minor ‘was forced to lose her virginity’ to Jeffrey Epstein — and abuse continued after plea deal: lawsuit

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Accused child sex trafficker Jeffrey Epstein is facing further allegations of sexual abuse.

"Three new accusers have sued the estate of Jeffrey Epstein alleging that he abused them with sex toys and forced them to engage in other sex acts, according to court documents reviewed by multiple outlets," Vice News reported Tuesday.

"One woman said she was forced to lose her virginity to him after they met when she was 17. Another said that Ghislaine Maxwell, Epstein’s alleged madam, taught her the 'proper way to give a blow job' to Epstein after they met," Vice reported.

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‘It’s time for decent people to push back against Fox News’ on antifa: columnist

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President Donald Trump and Fox News are turning American values upside down with their fascist propaganda, Philadelphia Inquirer columnist Will Bunch explained on Tuesday.

"It seems like if you were truly sincere about the whole 'Make America Great Again' thing — that is, if it weren’t just a campaign slogan that jibes with your xenophobic branding and can move tens of thousands of red hats at $25 a pop — then one might actually want to celebrate America’s first victory against fascism," Bunch wrote.

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‘This is how he gets us killed’: American Jews and allies horrified after Trump blurts out anti-Semitic trope

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President Donald Trump blurted out another anti-Semitic trope during his brief press availability Tuesday in the Oval Office.

Trump has been having a kind of holy war with Reps. Ilhan Omar (D-MN) and Rashida Tlaib (D-MI), two of just three Muslim officials in Congress. When speaking to the press Tuesday, he claimed that Jews have no business supporting Democrats because they're anti-Semitic. But then he took it a step further.

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