Certain Suntech Power Holdings bondholders have started legal proceedings to recoup investments after the statutory hold (60-days) on filing claims after the company defaulted in its US$541 million convertible note, expired.
Although Suntech is believed still to be in talks with bondholders representing the majority of the value of the bond, many smaller investors have remained on the sidelines and as expected have started legal proceedings in the New York State courts to be paid back with interest, costs and legal fees.
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The first to sue the company, according to reports and court papers, are Trondheim Capital Partners LP and Michael Meixler seeking a pre-trial ruling ordering Suntech Power Holdings to repay US$550,000.
Suntech Power Holdings defaulted on its US$541 million convertible note in March 2013.