3 
With the reality of not being able to pay bondholders for their $541 million in convertible bonds due later this month, and rumors of fraud within the company, they filed for bankruptcy and are going to zero. The Dr can explain it more in depth, but they are going to zero, and this also sets up companies with similar problems as perfect shorts: LDK, TSL, and JASO. The only good source of information I have is a Chinese article that the Dr ran through Google Translate, so it’s a little broken, but you can get the gist of it. Read the article here.
Longs, you’d better be prepared to sell this thing on Monday, and just know that I warned you back in January. I will be trying to borrow shares of the above three before the market opens tomorrow.
3 Responses to “STP IS BANKRUPT”
@gravestonedoji
This is excellent news. We can only hope the whole sector dies a painful death, leaving it 100% government owned in the end.
drbigboss
about half of these guys need to go bankrupt and the chinese government has now stated and demonstrated that they understand this fact.
it looks like STP’s important assets will be carved out and nationalized while the restructuring occurs. It’s hard to say right now but my initial take is that the convertible debt holders get wiped out and the equity is probably a $00.00 from here as well.
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