TMCnet News
Ad Hoc Group, Other Supporting Suntech Power Holdings Co. Noteholders Sign Forbearance Agreement With SuntechNEW YORK --(Business Wire)-- Bingham McCutchen LLP and Duff & Phelps Securities, LLC represent an ad hoc group of holders (the "Ad Hoc Group") of the Convertible Senior Notes (the "Notes") issued by Suntech Power Holdings (News - Alert) Co., Ltd ("Suntech"). The Notes are due on March 15, 2013 ("Maturity"), and the Ad Hoc Group has been engaged in discussions with Suntech and other parties for several months regarding the Maturity and other matters. In order to continue those discussions, the Ad Hoc Group and other supporting noteholders, who together hold more than 63% of the Notes, have signed a forbearance agreement with Suntech, agreeing, among other things, to forbear from exercising certain rights and reedies concerning the Maturity until May 15th. The Ad Hoc Group's advisors are in regular discussion with Suntech, its advisors, and parties onshore in the PRC. The Ad Hoc Group believes that a consensual restructuring is attainable that will maximize recoveries for all noteholders. Bingham McCutchen and Duff & Phelps encourage all holders of the Notes, large and small, to contact us as indicated below to discuss the situation. The foregoing shall not be construed as tax, legal, business, financial, accounting or other advice, and holders of the Notes are encouraged to consult their own advisors. Sincerely, Bingham McCutchen LLP
Mark Fucci
Ronald Silverman Duff & Phelps Securities, LLC
Brian Cullen
Matthew Gates |
