China's Suntech Power Holdings Co Ltd., once the world's largest maker of solar panels, filed for provisional liquidation, signaling that it may go out of business after years of steep declines in panel prices, Reuters reported yesterday. Suntech filed for provisional liquidation in the Cayman Islands, where it is incorporated. Suntech also said it would consider pursuing a chapter 15 filing in the U.S. that would allow U.S. courts to recognize a foreign bankruptcy as the main proceeding and block creditors from seizing U.S. assets. A group of Suntech creditors in the U.S. filed a chapter 7 involuntary bankruptcy petition against the company in October. Suntech has said that it will contest the attempt to wind up the company.
