Former chairman says company board has no refinancing plan

The fate of the world's leading maker of solar panels has become more in doubt, as its recently ousted chairman said the board has no plan for refinancing the $541 million in convertible bonds due on March 15.

Shi Zhengrong, founder and the former chairman and CEO of Wuxi-based Suntech Power Holdings Co Ltd, made a statement on Wednesday that also said the board had no right to remove him as chairman, and that he was "shocked" by the recent decision, which he called "misconceived and unlawful".