The company that was the world's largest manufacturer of solar panels has gone bust.
China's Suntech Power, a New York Stock Exchange traded company, "on Wednesday declared bankruptcy reorganization," China's state-owned Xinhua News Agency reported.
An article by Agence France-Presse (AFP) in the South China Morning Post elaborates that Suntech,
"has been badly hit by oversupply in the global market for solar cells and panels, as well as trade disputes with the United States and Europe over alleged Chinese dumping and government subsidies to producers. Chinese firms, including Suntech, have denied the claims."
Profits in the solar industry have been generally hard to come by. Worsening matters for Chinese solar exporters, the U.S. recently increased import tariffs on their goods.