China-based solar panel maker Suntech Power Holdings Co. Ltd., whose main unit is in insolvency proceedings, said that it reached an agreement with some lenders to further defer its obligations on a $541 million loan, Reuters reported yesterday. Suntech defaulted on the principal payment on the 3 percent convertible notes on March 15. The company had earlier that month reached a deal with 60 percent of the noteholders to defer payments until May 15. Under the agreement disclosed yesterday, the signing bondholders have agreed not to exercise their rights until June 28.
