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Suntech CEO David King follows three directors out the door

By Garima Goel (Reuters) - China's Suntech Power Holdings Co Ltd <STP.N> said Chief Executive David King had resigned from the company with immediate effect, weeks after three directors left amid the solar panel maker's efforts to restructure its debt. Shares of Suntech, whose main unit filed for bankruptcy protection in China in March, rose as much as 9 percent.

China solar giant Suntech falls back to Earth

China's Suntech reached its zenith as the world's largest solar panel producer, but has plunged to the nadir of financial distress in just a year, highlighting the woes of the industry it shaped. The New York-listed company on Wednesday said its main subsidiary was facing bankruptcy and would be reorganised if the court accepted a petition by Chinese banks.

China solar giant Suntech falls back to Earth

China's Suntech reached its zenith as the world's largest solar panel producer, but has plunged to the nadir of bankruptcy in just a year, highlighting the woes of the industry it shaped. The New York-listed company on Wednesday declared bankruptcy and would reorganise, China's official Xinhua news agency said, though Suntech declined to immediately comment.

China solar giant Suntech falls back to Earth

China's Suntech has made a painful journey from being the world's largest solar panel producer to flirting with bankruptcy in just a year, highlighting the woes of the industry it shaped. Oversupply as Chinese producers flooded the market and trade disputes over alleged Chinese dumping caused a sudden and spectacular reversal of fortunes for Suntech, which has defaulted on repayments for a $541 million bond issue.
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