Suntech Will Contest Involuntary Ch. 7 Filing In NY Court

Law360, New York (October 31, 2013, 12:07 PM EDT) -- Solar panel manufacturer Suntech Power Holdings Co. Ltd., whose main subsidiary has already initiated bankruptcy proceedings in China, said Thursday that it intends to challenge the petition for involuntary bankruptcy filed against it by a group of U.S. bondholders in New York bankruptcy court.

The four bondholders, who collectively hold more than $1.5 million in Suntech bonds, filed an involuntary Chapter 7 petition in the Southern District of New York on Oct. 14. Suntech has until Nov. 6 to file its response.

U.S. bankruptcy law allows...
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