Partner Christopher Peterson Discusses Impact on Bondholders of Chinese Bankruptcy Filing in Bloomberg
As seen in Bloomberg’s “Suntech won’t Object as China Banks Seek Solar Bankruptcy.” This article was also published by Businessweek and the San Francisco Chronicle.
Bloomberg reports that the main solar manufacturing unit of Suntech Power Holdings Co. has been pulled into bankruptcy proceedings in China. Once the world’s biggest solar power manufacturer, the company is now facing a petition for insolvency and restructuring from eight Chinese banks after it recently defaulted on over 500 million dollars worth of bonds.
According to Kaye Scholer Corporate Partner Christopher Peterson, “Initiating proceedings in China may make it difficult for creditors in other countries to collect,” noting that “there is a fundamental disadvantage that non-Chinese lenders have in a bankruptcy.”
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