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An ad hoc group of bondholders that together own more than 63% of Suntech Power Holdings' overdue US$541 million convertible note have urged the remaining bondholders to join them in talks with the PV module manufacturer to restructure the loan.
The ad hoc group recently signed a forbearance agreement with Suntech, postponing payment until May 15.
Reports had surfaced that many bondholders not signatories to the forbearance agreement had not initially been contacted by Suntech and still expected payment, now overdue.
Bingham McCutchen LLP and Duff & Phelps Securities are representing the ad hoc group of bondholders that signed the forbearance agreement, requested other bondholders contact them as the best way to “maximise recoveries for all noteholders”.
It is still unclear whether some of the non-signatories to the forbearance agreement would start legal proceedings to obtain outstanding payment amounts from Suntech.