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Stock Market & Financial Investment News

News Breaks
March 14, 2013
16:05 EDTSTPSuntech says unaware of undisclosed events that trigged unusual trading action
Suntech Power Holdings announced that it has been contacted by the New York Stock Exchange regarding unusual trading activity. Management is not aware of undisclosed events that triggered such trading activity. The company is aware of recent market rumors and third party reports regarding the Company's financial position and other matters. As reported by the company on March 11 it has entered into a forbearance agreement with holders of over 60% of its 3% convertible notes (the "Notes"), for which a principal payment of $541M is due on March 15. The company does not plan to make such payment and the company's management is not aware of any pending or planned actions or claims in relation to such non-payment by the trustee or the holders of the notes. As previously disclosed, the company plans to continue to work with holders of the notes with a view to achieving a consensual restructuring.
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