Suntech Power Holdings, a China-based vertically integrated large-size solar firm, has announced that it has been contacted by the New York Stock Exchange (NYSE) regarding unusual trading activity relating to its American depositary shares on March 14. Management of the firm is not aware of undisclosed events that triggered such trading activity, according to Suntech. The firm is aware of recent market rumors and third-party reports regarding the firm's financial position and other matters.
As reported by Suntech on March 11, 2013, the firm has entered into a forbearance agreement with holders of over 60% of its 3% convertible notes, for which a principal payment of US$541 million is due on March 15, 2013. The firm does not plan to make such payments and the firm's management is not aware of any pending or planned actions or claims in relation to such non-payments by the trustee or the holders of the convertible notes, said Suntech. As previously disclosed, Suntech plans to continue to work with holders of the convertible notes with a view to achieving a consensual restructuring, the company said.
