March 18 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
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.