The world’s largest solar panel manufacturer Suntech has declared bankruptcy for its major subsidiary.
Wuxi Suntech failed to make a debt payment last Friday. Today, a court in Wuxi, near Shanghai made the bankruptcy ruling. Eight creditor banks had filed for its insolvency on Monday.
Chinese state-run media reports that Suntech owed debt totaling $1.14 billion US dollar as of February.
The company defaulted on a $541 million dollar bond payment on March 15. It had deferred payment for 60% of its creditors to May, but still did not pay the remaining 40%.
Wuxi Suntech is a subsidiary of New York based Suntech Power Holdings. It was Suntech’s largest manufacturing, supplying 95% of its products.
Suntech is planning to close its only US manufacturing plant to save money. It has been notified that notified by the New York Stock Exchange that it could be delisted in six months.
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Post time: Feb-08-2017