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.
This article requires Premium SubscriptionBasic (FREE) Subscription
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
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.
