By Ehren Goossens | Forbes
Shi Zhengrong, who was ousted as chairman of Suntech Power Holdings Co. (STP) this week, said the solar manufacturer’s board has no plans for refinancing the $541 million convertible bonds due on March 15.
The founder of what was the world’s biggest solar panel maker said he was “shocked” by the board’s “misconceived and unlawful” decision to remove him and that he’s been excluded from meetings for the past month.
“The problem is they don’t have a solution,” Shi said in a telephone interview last night after issuing a statement. “They need a viable business plan. They need to talk to all the bondholders and suppliers and government. All the stakeholders want to talk to me. All the bank CEOs want to talk to me. They want to know why Dr. Shi didn’t show up.”
The comments indicate divisions within the Chinese company’s management about how to recover from an accounting scandal and plunging solar cell prices, that caused two years of losses for Suntech. Suntech said today its confident its appoint of Susan Wang is valid and effective by law.
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