The main business of Suntech Power Holdings Co. has already been involved in bankruptcy proceedings in China, now some U.S. bondholders are seeking to force what was once the world's largest supplier of solar panels into involuntary bankruptcy in the U.S., Dow Jones Daily Bankruptcy Review reported today. The U.S. bondholders yesterday filed a petition in a New York court to force U.S.-traded Suntech into involuntary bankruptcy. Suntech, based in the eastern Chinese city of Wuxi, has racked up more than $2.3 billion in mostly Chinese debt and has posted losses amid a plunge in solar-panel prices and trade sanctions by the U.S.
