New Energy
Chinese Solar Firm Forced Into Bankruptcy as Glut Deepens
- Small companies unable to plug massive financial losses
- Industry calls for faster consolidation to avoid failures
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More Chinese solar manufacturers are falling into restructuring or bankruptcy, with a deepening oversupply and fierce price wars causing massive financial losses and threatening many smaller players’ survival.
A subsidiary of Zhejiang Akcome New Energy Technology Co. was the latest to declare bankruptcy when it was ordered by a court to undertake a reorganizing process after a creditor said the manufacturer “was not able to pay debts” and “clearly lacks solvency,” according to a filing by the parent company on Monday.