Suntech lenders agree to defer $541 mln bond repayment again

Wed May 15, 2013 8:19am EDT

May 15 (Reuters) - China-based solar panel maker Suntech Power Holdings Co Ltd, whose main unit is in insolvency proceedings, said it reached an agreement with some lenders to further defer its obligations on a $541 million loan.

Suntech defaulted on the principal payment on the 3 percent convertible notes on March 15. The company earlier that month reached a deal with 60 percent of the note holders to defer payments until May 15.

Under the agreement disclosed on Wednesday, the signing bondholders have agreed not to exercise their rights until June 28.

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