Suntech announces bond default, financing search

AP News
Posted: Mar 18, 2013 9:19 AM

BEIJING (AP) — One of the world's biggest solar panel manufacturers, Suntech, says it has defaulted on $541 million in payments to bondholders after a downturn battered the global industry.

The announcement Monday by Suntech Power Holdings Ltd. was a severe setback for one of the renewable energy industry's most successful companies.

Suntech CEO David King said in a statement the company was "exploring strategic alternatives with lenders and potential investors" but gave no details.

Banning Straws
John Stossel

Suntech and other solar equipment manufacturers have been hit hard by a price-cutting war and a plunge in global demand.