Having received court judgements on non-repaid loans from Suntech Power Holdings, some of the small bondholders are seeking Chapter 7 bankruptcy proceedings against the company.
Chapter 7 bankruptcy is a winding-up procedure rather than a Chapter 11 bankruptcy, whereby companies attempt to restructure operations and continue operating.
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Court filings, linked to by the Wall Street Journal show that a few bondholders, including Trondheim Capital are seeking payment of US$580,000 dollars after obtaining court orders confirming their legal rights to payment after Suntech previously defaulted on a US$541 million convertible note earlier this year.
Suntech has three weeks to respond to the claims.
