Bankruptcy test
BY Ranajit Dam, Reuters |
The lights have begun dimming for China’s solar industry and in particular Suntech Power Holdings, the country’s largest solar panel maker, whose biggest subsidiary declared insolvency after defaulting on $541 million of bonds last month. Aside from being one of China's most notable corporate failures in recent history, it could also be the first significant test of China's bankruptcy law since it was introduced in 2007, finds Ranajit Dam. Additional reporting by Reuters