China-based solar panel maker Suntech Power Holdings, one of the world's largest solar panel manufacturers by capacity, declared bankruptcy, Reuters reported today. Creditor banks of Suntech, based in Wuxi in eastern China, have jointly filed an application to Wuxi Intermediate People's Court for bankruptcy reorganization of the firm. On Monday, Suntech said that it had defaulted on $541 million of its bonds due on Friday, triggering cross-defaults on loans from International Finance Corp. and Chinese lenders.
