March 21 (Bloomberg) -- Suntech Power Holdings Co. Ltd. said a court in China accepted the petition of eight banks to push the main operating subsidiary of the solar cell manufacturer into insolvency.
The Wuxi Municipal Intermediate People’s Court in China’s Jiangsu Province made the ruling today, according to a statement from Suntech, which is based in Wuxi.
“The insolvency and restructuring procedure is designed to facilitate an orderly process for both Wuxi Suntech and its creditors,” Suntech said in the statement. “The primary goal is to restructure Wuxi Suntech’s debt obligations, while continuing production and operations.”
Suntech said yesterday that it wouldn’t resist the petition.