China-based solar-panel maker Suntech declares bankruptcy: Xinhua
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An employee (left) talks to a visitor at the Suntech booth of a photovoltaic industry exhibition in Beijing on Sept 5, 2012. Suntech Power Holdings, one of the world's largest solar panel manufacturers by capacity, declared bankruptcy on Wednesday, March 20, 2013, state news agency Xinhua said. -- FILE PHOTO: REUTERS
BEIJING (Reuters) - China-based solar-panel maker Suntech Power Holdings, one of the world's largest solar panel manufacturers by capacity, declared bankruptcy on Wednesday, state news agency Xinhua said.
Creditor banks of Suntech, based in Wuxi in eastern China, have jointly filed an application to Wuxi Intermediate People's Court for bankruptcy reorganisation of the firm, Xinhua said.
"Bankruptcy reorganisation will be carried out for Suntech, given that it is unable to repay maturing debt," the report said.
The company, which has a New York stock listing and was valued at US$16 billion (S$20 billion) at its peak, declined to comment when contacted by Reuters.
