Solar panel maker Suntech declares bankruptcy

BEIJING (AP) — Suntech, one of the world's biggest solar panel manufacturers, was forced into bankruptcy court Wednesday, the latest casualty of a painful slump in the global solar industry. Suntech Power Holdings said eight Chinese banks asked a court to declare it insolvent after the company missed a $541 million payment to bondholders last week. Suntech said it would not oppose the petition. The development is a dramatic reversal for a company that was a leading force in China's fast-growing renewable energy industry. Its founder, Shi Zhengrong, has seen much of his multibillion-dollar fortune evaporate. Read the rest at http://www.usatoday.com/story/money/business/2013/03/20/suntech-bankruptcy/2002429/