A U.S. unit of China’s Suntech Power Holdings Corp., once the world’s largest solar-panel maker, followed its parent in seeking bankruptcy protection from creditors after increased competition pushed down prices, Bloomberg News reported yesterday. San Francisco-based Suntech America Inc., an affiliate of Wuxi, China-based Suntech Power, today listed more than $100 million each in assets and debt in chapter 11 filings in U.S. Bankruptcy Court in Wilmington, Delaware. Suntech Power, following creditor demands, filed for chapter 15 protection last February in Manhattan. U.S. bondholders moved to put the company into bankruptcy on their own with an involuntary bankruptcy liquidation under chapter 7 after it defaulted on about $541 million of their debt.
