March 18, 2013
Chinese solar panel manufacturer Suntech announced today that it has defaulted on a $541 million bond payment. It is the first company from mainland China to default on its bonds, Bloomberg News reported.
Failing to make the payment has triggered defaults on loans from International Finance Corp and Chinese domestic lenders, Bloomberg News reported.
Suntech, the world’s biggest solar panel maker as recently as 2011, has run short of cash after reporting losses in 2011 and 2012, the Associated Press reported.