Suntech fails to make $541 mln bond payment, triggering other defaults

March 18 Mon Mar 18, 2013 8:22am EDT

March 18 (Reuters) - Suntech Power Holdings Co Ltd said it had defaulted on $541 million of its bonds due on Friday, triggering cross-defaults on other debt including loans from International Finance Corp and Chinese domestic lenders.

The China-based solar panel maker is exploring strategic alternatives with lenders and potential investors, Chief Executive David King said on Monday.

Suntech said it had received a notice of default and acceleration relating to its non-payment of the principal amount from the trustee of its 3 percent convertible notes.

Wilmington Trust Co was the trustee and securities agent for the bonds, according to regulatory filings.