I have read the indenture. There is no 30 day grace period. What concerns me is that I - and the other 40% - have not been contacted whatsoever by Suntech. If they want to make a good faith attempt to resolve the issue, fine, I'm all for it. There is even some doubt as to whether that forebearance actually occurred. How could this 60% just assume that nobody amongst the 40% would take issue? This entire matter seems fishy, so I just cannot take it on faith that Suntech will do the right thing. That said, if I could get some explanation, I'd feel much better. I know I speak for other bondholders as well.
I'm a bondholder and am upset that the Trustee has seemingly done nothing for us. I've been bounced around trying to contact this mysterious figure. Lawyers are quoting insane fees to file. It's actually not that difficult to file. I know an excellent attorney who might be willing to represent us for a much more reasonable rate. If we get a group willing, I will start the process. I am not soliciting fees and will not be taking anything compensation whatsoever. I just want to see justice done without paying more than what's left on my bonds.
They did not get 100% approval. Either the bond trustee or separate counsel will bring an action for bankruptcy in state court. The lawyers will do well.
I've read in many places that Chinese banks have priority over the convertibles. Also, that the Chinese are simply not too concerned about foreign debt. Don't you think that whatever funds are gained by GSF will be funneled into other priorities than the converts?
I didn't mean to imply that... I don't own puts, which I'm sure will expire worthless anyway.
I'm considering pressing my rights as a bondholder, so maybe I can drive this sucker down by myself. I think there's a reasonable chance the bonds are wiped out entirely, so that whatever can be salvaged goes to the Chinese banks and STP working capital.
Is the original conversion rate being used for the bonds? If so, each bond is probably worth about 60 cents. Or does it mean that the conversion is based upon the closing price of the stock on March 15th?
Foreign bond holders might indeed get nothing; as a bag holder myself, I'm expecting that ultimately I'll have to join a class action to recover anything. 10 cents might be lucky at this point.
Bailout story does not seem true. At least the banks are considering baling out STP. Of course Shi is screwing that up.
They just settled the GSF issue. According to Barrons STP could receive up to 325 million. Oddly, the bond has actually sunk on that news. Like you said, the big players probably already knew. I have to agree with you, a .40 to .50 is the most likely. I'll take it, as I thought zero was a big possibility for a while.
The bonds are hanging in and there have been some big purchases. Seems like only the little guy is selling here. I've been as negative as anyone, but I think they have something in the works to cover the bond, say 75 cents.