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Wednesday, March 6, 2013

Suntech founder calls removal "invalid" as bond payment looms, (NYSE: STP)

Shi Zhenrong, the founder of Suntech Power Holdings Co Ltd, said on Tuesday his removal as executive chairman of the solar panel maker was "invalid" as the cash-strapped firm weighs its options to cover a $541 million convertible bond due this month."I am fully committed to continuing to serve the company as executive chairman to the best of my ability and to guide it through these difficult times," Shi said in a statement.Suntech and others in the solar industry have been grappling with a global glut of solar panels that has sent prices into a tailspin and hammered their once high-flying stocks over the past two years. Suntech shares, which peaked at $90 in 2008, closed at $1.21 Tuesday on the New York Stock Exchange.It is not immediately clear whether Shi will take concrete action to fight his removal, but his call is adding to uncertainties surrounding the future of the heavily indebted China-based company, analysts say.

Suntech Power Holdings Co., Ltd. (Suntech) is a solar energy company. Shares of STP remained unchanged at $1.21. In the past year, the shares have traded as low as $0.71 and as high as $3.68. On average, 4455310 shares of STP exchange hands on a given day and today's volume is recorded at 0.