Industry Market Trends

Suntech Goes Dark, But the Sun Will Still Come Out Tomorrow

April 5, 2013

In late March Suntech, an 800-pound gorilla in solar panel manufacturing, ended up in bankruptcy court, becoming what the Associated Press (AP) called “the latest casualty of a painful slump in the global solar industry,” a slump which has also claimed the likes of Germany’s Q-Cells.

According to AP, “Suntech Power Holdings Ltd. said eight Chinese banks asked a court to declare it insolvent after the company missed a $541 million payment to bondholders last week.” Suntech declined to oppose the move, with Suntech CEO David King saying the company will “evaluate restructuring initiatives and strategic alternatives." Read More