Wuxi Suntech debt said to be $2.84 billion

The restructuring team of Wuxi Suntech said debts of the solar-power company subsidiary are 17.4 billion yuan ($2.84 billion), the Economic Observer Online reported on May 22.

Twelve banks registered outstanding loans of 7.65 billion yuan, according to sources from the first creditors’ meeting, held on May 22.

The registered debt is 7.5 billion yuan higher than the book number. And the restructuring team just finished auditing creditors’ rights worth 3.32 billion yuan.

Suntech Power Holdings Co Ltd defaulted on $541 million of convertible bonds due in March, and announced the bankruptcy of its Wuxi subsidiary. Suntech said it has entered into a forbearance agreement with the majority bondholders, who have agreed not to exercise their rights under the notes and related indentures until June 28.