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    Suntech files for bankruptcy protection in US

    2014-02-08 08:07 chinadaily.com.cn Web Editor: qindexing
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    Suntech, formerly the world's largest solar manufacturer, filed for bankruptcy protection in a US court as its leaders negotiate with holders of more than $500 million in US convertible bonds, Dow Jones reported.

    If recognized by a US judge, Suntech will receive the benefits of US bankruptcy law, including a so-called automatic stay that halts lawsuits and prevents creditors from seizing assets, the report said. The filing is expected on Feb 21.

    Suntech's default on its $500 million convertible bonds led to the bankruptcy of its manufacturing base in East China's Wuxi in March 2013.

    Shunfeng Photovoltaic International, a smaller rival of Suntech, announced it plans to purchase the main assets of Suntech for 3 billion yuan ($494 million). It remains unclear how much money from the reorganized company would eventually flow to the roughly $540 million in US convertible bonds that the company defaulted on in March.

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