Chinese PV giant Suntech has failed to repay $541 million worth of bonds due last week.
The default also affects Suntech’s loans with the International Finance Corporation and lenders within China, and comes just days after the company announced it was closing down its Arizona facility.
“It is currently a very difficult time for our company and our industry, said Suntech CEO David King.
“We are currently exploring strategic alternatives with lenders and potential investors, which could help to set us on a path towards longer term success.”
A Suntech installation on the Sydney Theatre Company rooftop. Credit: Suntech
Suntech is just one of many companies to struggle through the massive fall in PV panel prices and consequent market oversupply. But according to Bloomberg, Suntech is the first company from mainland China to default on its debt.
Read the full statement from Suntech here.
