Suntech Signs Forbearance Agreement with Convertible Note Holders

Mon Mar 11, 2013 9:00am EDT

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WUXI,  China,  March 11, 2013  /PRNewswire/ -- Suntech Power Holdings Co., Ltd.
(NYSE: STP), one of the world's largest producers of solar panels, today
announced that it has signed a forbearance agreement with the holders of more
than 60% of the Company's 3% Convertible Notes (the "Notes"). Under the
forbearance agreement, in the event the Company does not make payments due under
the Notes on  March 15, 2013, the signing bondholders agree not to exercise
their rights under the Notes and the related indenture until  May 15, 2013,
subject to certain market-standard early termination events.  

The forbearance agreement will enable Suntech to continue to work with holders
of the Notes with a view to achieving a consensual restructuring.  

David King, Suntech's CEO, said, "The forbearance agreement demonstrates
bondholders' support for Suntech and provides an excellent platform to further
discussions towards a mutually agreeable restructuring of the Notes. We are
making progress and are working to find a resolution soon. At the same time, we
are continuing our cost and operational review to further improve our

About Suntech

Suntech Power Holdings Co., Ltd. (NYSE: STP) produces solar products for
residential, commercial, industrial, and utility applications. With regional
headquarters in  China,  Switzerland, and  the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than 25,000,000 photovoltaic
panels to over a thousand customers in more than 80 countries. Suntech's
pioneering R&D creates customer-centric innovations that are designed to drive
solar to grid parity against fossil fuels. Suntech's mission is to provide
everyone with reliable access to nature's cleanest and most abundant energy

Safe Harbor Statement

This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements, and include
statements about the prospects of the solar industry and the Company's ability
to successfully resolve its liquidity issues, achieve a consensual restructuring
of the 3% Convertible Notes and return to profitability. Further information
regarding these and other risks is included in Suntech's filings with the U.S.
Securities and Exchange Commission, including its annual report on Form 20-F.
Suntech does not undertake any obligation to update any forward-looking
statement as a result of new information, future events or otherwise, except as
required under applicable law.

SOURCE  Suntech Power Holdings Co., Ltd.

Shashin Surti, Weber Shandwick for Suntech, +86-21-2411-0046,

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