The failure to make Friday’s payment is a default and a bankruptcy filing is a distinct possibility. Bondholders who did not agree to any forbearance are reported to be demanding that the trustee file an involuntary bankruptcy notice. If such a filing should occur, the bankruptcy could be either a Chapter 7 liquidation or a Chapter 11 reorganization. The trustee for the bonds is Wilmington Trust Co. of Wilmington, Delaware.
Suntech is the second-largest Chinese company as measured by revenue listed on U.S. exchanges, and a bankruptcy filing either by or on behalf of Suntech would be the highest visibility bankruptcy by a Chinese firm in many years.
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