Bankrupt Solar-Panel Maker Suntech Seeks Court Protection
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Suntech Power Holdings Corp., the Chinese solar-panel maker that defaulted on $541 million of bonds, filed for bankruptcy court protection from U.S. creditors as it liquidates in the Cayman Islands.
The company filed its Chapter 15 petition late yesterday in U.S. Bankruptcy Court in Manhattan as part of a restructuring agreement with petitioners seeking an involuntary filing last year. In November, Suntech told the court that the proposed action by U.S. creditors could derail restructuring efforts.