03 Sep '13, 10am

China Solar Defaults Shock Holders as $8.4 Billion Due

China Solar Defaults Shock Holders as $8.4 Billion Due

The 2014 securities of LDK slid to a record low of 25.6 yuan per 100 yuan face value last week after the manufacturer said a payment due August 28 on the notes would be delayed. That compares with the €30 per €99.861 issue price on Bonn-based Solarworld. Suntech, once the world’s biggest panel maker, said former chairwoman Susan Wang and two other directors quit amid negotiations with holders of its defaulted debt. Premier Li Keqiang’s steps to cut the state’s role in the economy are forcing investors to reconsider bailout bets as $1.3 billion of debt in businesses including electric car batteries, hydropower and biofuels matures by the end of the year and $7.1 billion in 2014, according to data compiled by Bloomberg. His predecessor Wen Jiabao turned China into the world’s biggest maker of solar panels through spending including $47.5 billion of credit lines that crippled...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

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