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New York, NY -- (SBWIRE) -- 12/28/2012 -- Suntech Power Holdings Co. Ltd. (NYSE:STP) is a solar energy company. Suntech is principally engaged in the design, development, manufacturing and marketing of photovoltaic (PV) products and also provides engineering, procurement and construction services to building solar power systems using its own solar modules for residential, commercial, and utility-scale power plant customers.
Suntech Power Holdings Co., Ltd. (ADR) (STP +7.52%) 1.33 +0.06 (4.72%). The $575 million convertible debt due in March next year is Suntech's biggest financial pressure, but analysts say there is no way the company can pay the loans under its current capital constraints. Apart from the $575 million debt due in March, the solar panel maker is burdened with a further 200 million yuan ($32 million) in overdue loans, and there will be another 1.4 billion yuan in debts needing to pay within the next six months, according to 163.com.
Shi Zhengrong, chairman and chief executive officer of Suntech Power Holdings Co Ltd owns a 30.2 percent stake in the company, and his family trust holds another 29.4 percent.
For How Long STP’s Gloss will Attract Investors? Find out via this report
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