One of the world's largest manufacturer of solar panels and suntech, forced into bankruptcy court on Wednesday, a painful recession, the latest casualties in the global solar industry. Suntech power holdings co., LTD., said China's eight major Banks demand from the court declared that bankruptcy, after the company missed a $5.41 million payment to bondholders last week. Suntech said it would not oppose the petition. Development is a dramatic reversal of the company, is China's rapid growth in renewable energy industry is the dominant force. Its founder shi, has seen his billions of dollars of wealth evaporate. Suntech CEO David Kim said in a statement: "while we assess the restructuring plan and strategic choice, we are committed to our global customers to provide high quality solar products,". "During this period, we will continue to work hard, work closely with all stakeholders, and take the necessary measures to put the suntech's growth back on track." Over the past year, solar panel makers have suffered huge losses after the rapid growth of production capacity of more than demand, prices collapsed. Another industry giants, Germany's q-cells, filed for bankruptcy in April last year. Headquartered in wuxi east, east of Shanghai, wuxi suntech, in July, a revelation, in a commercial partnership forged the $680 million of collateral, guarantees the loan suntech also hurt. On Monday, the company says it is looking for a new financing, and to negotiate with creditors, hope to restructure its debt. The company has said that the owner of the 60% of the bonds last week agreed not to exercise their rights of notes, until 15 May. But it said the bond trustee announced that, by default, this lead to the bank and the international financial (shares) company of China other debt default Shi, who has a doctorate in physics, founded suntech in 2001. He went to Australia in 1988, an accidental opportunity, when he needed a job, a university scholarship at the end of the solar power. Stone, has become an Australian citizen, be tempted to officials who want to develop the high-tech industry, and puts forward some $6 million, began to suntech in wuxi. Stone and later bought the help of the state of his supporters from Goldman Sachs a team led by Goldman Sachs, and listed on the New York stock exchange in 2005. Success made him one of China's most prominent entrepreneurs. In 2006 he was named national television at this year's merchants, and suggests that Beijing's energy policy. "Forbes magazine estimated his wealth at $29 billion, at the peak of 2008, but has fallen to about $500 million, suntech's shares tumbled last year. Excess supply in the market for solar panels is largely by the Chinese government's efforts, to promote the industry. Communist party leaders saw a way of renewable energy, have high salaries technical work, China's demand for oil and gas imports. Tax cuts and subsidies to attract, hundreds of small Chinese solar manufacturers. New competitors enter the market as late as 2011, when demand is weak and the excess supply has forced manufacturers to cut prices. Other leading manufacturers in China, including yingli green energy co., LTD., jiangxi LDK solar high-tech co., LTD and trina solar co., LTD has reported losses. Prompting market expectations, the government will intervene, forcing firms to merge or shut down. Used for solar polysilicon wafer prices dropped by 73%, from 2010 until last year. Cell prices dropped by 57%, 57% and modules. Major manufacturers of accumulated debt has reached $17.5 billion, according to the American heart group, a research firm in New York city. South Korea of deep-pocketed enterprise groups are moving into the solar industry, adding more competition. Chinese producers have also been hit in the United States anti-dumping tariffs, to offset the Washington said, illegal subsidies from Beijing. European solar power manufacturers also have an anti-dumping complaint, demands for high tariffs on imports from China, the European Union. Last week, suntech, announced the closure of its factory in Goodyear, Arizona in the United States 43 work as cost-cutting measures, and eliminate.


Other News:
Chinese solar producer Suntech declares bankruptcy
A glance at the agreement for the Cyprus bailout
Asian markets muted amid Cyprus uncertainty
Japan's Feb trade deficit at $8.1B as exports lag
Israel says Syria reason for restoring Turkey ties
Venezuela cut off the channels of informal dialogue with the United States
Venezuela ends talks with U.S. over diplomat comment
Pakistan sees Afghanistan's Karzai as obstacle to peace with Taliban