Biggest Solar Collapse in China Imperils $1.28 Billion
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Investors stand to lose most of the $1.28 billion they put into Suntech Power Holdings Co. after the solar manufacturer said it wouldn’t resist a bankruptcy petition filed in China.
The company, based in Wuxi, outside Shanghai, had more than $2 billion in debt and defaulted on $541 million in bonds due on March 15, prompting eight Chinese banks to ask a local court to push Suntech’s main unit into insolvency. The court accepted the petition today.