Suntech Power Holdings, one of the world's largest producers of solar panels, has reached agreement with the majority of the holders of the company's 3 percent convertible notes, the company said in a statement on its website on Wednesday.

A principal payment of $541 million was due on March 15 for the convertible notes. Under the new forbearance agreement, the bondholders agree not to exercise their rights until June 28, subject to certain events, the company said.

Suntech announced its biggest manufacturing subsidiary Wuxi Suntech bankrupt in March, after it defaulted on the notes. The company will hold the first creditors' meeting on May 22.

Analysts said most creditors agreed the forbearance to Suntech's restructuring plan to take shape.

"This new forbearance agreement demonstrates bondholders continued support for Suntech. The agreement will enable Suntech to continue to work with bondholders toward achieving a consensual restructuring,'' David King, Suntech's CEO, said,