Suntech Says Restructuring Process Making Progress

Posted by SI Staff on September 03, 2013 No Comments
Categories : FYI

Suntech Power Holdings Co. Ltd. says it has reached an understanding with its creditor working group led by Clearwater Capital Partners and Spinnaker Capital Ltd. for restructuring the company.

Suntech says it plans to exchange its outstanding debt into equity for its creditors and finalize a deal with a new"strategic investor," as a source of new funding. The company anticipates entering into a restructuring framework agreement in the next week or so.

In late August, Suntech restructured its board of directors, announcing several resignations and the election of a new chairman.

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