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Suntech outlook brightens with debt-to-equity deal

Suntech Power Holdings Co, the solar company whose main unit filed for bankruptcy, reached an "understanding" with creditors that will allow a conversion of debt to equity and the introduction of a strategic investor. The company expects to enter a restructuring framework agreement "in the next week or so", Suntech, based in Wuxi, China, said in a filing on Sunday. It will immediately start preparing for recapitalization to bolster its balance sheet, it said. Suntech is seeking to restore financial stability after China's solar-panel industry, which supplies more than half the global market, became unprofitable amid a worldwide glut. Three directors quit in August, five months after Suntech's biggest unit was forced into bankruptcy following a bond default. 

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