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Suntech Defaults on $541 Million Bond Payment

1 min. read

FYI

Suntech, one of the world’s biggest solar panel manufacturers, said Monday it has defaulted on a $541 million bond payment in the latest sign of the financial squeeze on the struggling global solar industry.

Suntech Power Holdings Ltd.’s announcement was a severe setback for a company lauded by China’s Communist government as a leader of efforts to make the country a center of the renewable energy industry. Its founder, Shi Zhengrong, became one of the industry’s most prominent entrepreneurs and a billionaire, only to see most of his fortune evaporate as the company’s share price plummeted.