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.”
Also of Interest
- SEC Adopts New Rules: Fund Liquidity, Reporting and Disclosure, and “Swing Pricing” December 6, 2016 • Client Alerts
- Tax Alert: Final Debt Regulations Have Limited Scope of Application November 30, 2016 • Client Alerts
- Best Lawyers Profiles Frankle as “Lawyer of the Year” November 28, 2016 • Media Mentions
- Fallon Appointed to the University at Albany Presidential Search Committee November 22, 2016 • Recognitions
- Fintech Term Sheet Negotiations: Key Issues Beyond Price November 21, 2016 • Articles
- JUVE Handbuch Recommends Frankfurt Office and Lawyers November 14, 2016 • Recognitions
- Using Technology Service Providers Is No Silver Bullet November 7, 2016 • Articles
- Kaye Scholer Advises Bregal, Motion Equity in Morrison Utility Services Sale November 7, 2016 • Client Successes
- Pitfalls of Present-Day Contracts: Hyperlinked Contract Terms November 7, 2016 • Articles