“BEIJING—Suntech Power Holdings Co., STP 0.00% once the world’s largest supplier of solar panels, is involved in bankruptcy-court proceedings in the eastern Chinese city of Wuxi, the company said.
Suntech said Wednesday that a group of eight Chinese banks filed a petition for insolvency and restructuring of its main operating subsidiary in China in the Wuxi Municipal Intermediate People’s Court in Jiangsu province.
Wuxi Suntech told the court it wouldn’t file an objection to the petition, Suntech said, adding that the court will decide whether to accept the petition in the next few days. If the petition is approved, Suntech will continue to produce solar products to meet customer orders, Suntech added….”
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