China-based solar panel maker Suntech Power Holdings Co Ltd., whose main unit is in insolvency proceedings, said it had struck a deal with a majority of its bondholders to defer payment on a $541 million loan until Aug. 30, the third time the company has reached such an agreement, Reuters reported on Friday. Suntech defaulted on a principal payment on the 3 percent convertible notes on March 15, prompting the company's Chinese lenders to drag its main manufacturing unit into insolvency proceedings. Lenders holding the senior notes will nominate two additional members to Suntech's board and will help to identify strategic and financial investors to bring in new capital, the company said in a statement on Friday. Suntech said it was also looking at converting all major debt claims held by the bondholders into equity.
