Suntech Faces Bankruptcy After Banks Balk At $1.1B Default

Law360, New York (March 20, 2013, 1:53 PM EDT) -- Suntech Power Holdings Co., once the world's largest manufacturer of solar panels, said Wednesday its main subsidiary had slipped into bankruptcy proceedings in China after defaulting on obligations to more than half a dozen creditors that could total as much as $1.1 billion.

Wuxi Suntech Power Holdings Co. Ltd. said it would not oppose a petition for insolvency and restructuring filed Monday by eight unnamed Chinese banks, which a state-owned newspaper reported as including the Industrial & Commercial Bank of China Ltd. and the Agricultural Bank...
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