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Suntech renewable energy leader declares bankruptcy

2013-03-21 04:56:39 (GMT) (JusticeNewsFlash.com - Justice News Flash)

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03/20/2013 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

Los Angeles – Renewable energy leader Suntech Power Holdings Ltd has reportedly declared bankruptcy. As reported by the Associated Press (AP), the company, one of the largest manufacturers of solar panels in the world, has said several Chinese banks made a request that a court declare it insolvent following a missed $541 million payment to bondholders.

Suntech CEO David King is quoted by the AP as saying in a statement regarding the company, “While we evaluate restructuring initiatives and strategic alternatives, we are committed to continuing to provide high-quality solar products to our global customer base.”

King further asserts, “During this period, we will continue to work closely with all of our stakeholders and take the necessary steps to put Suntech back on track for growth.”

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