Weber Shandwick is handling the "insolvency and restructuring" of Wuxi Suntech Power Holdings, the solar panel giant that was at the core of China's plan to dominate the solar power business.
The New York Times today reported the bankruptcy stands as a "remarkable reversal for what had been part of a huge Chinese government effort to dominate renewable energy industries."
Suntech, which was once the world's largest maker of solar panels, collapsed under the weight of a global glut of panels, wind-down of solar power subsidies in European Union nations, and rapid expansion of shale gas production in the U.S. to lower energy costs.
The company employs 10K people at its facility in Wuxi and operates a small solar plant in Arizona, which is ending production next month. It has marketed its panels in more than 80 countries.
CEO David King said in a statement that Suntech is exploring "strategic alternatives" and remains committed to "continuing to provide high-quality solar products to our global customer base."
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