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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.

As SmartPlanet’s Kirsten Korosec reported, Suntech recently closed a factory in Arizona. On Monday Suntech said it defaulted on a $541 million bond payment. China has also considered cutting subsidies to solar companies, which would make it more difficult for them to sell at low cost.

The AFP article says that Suntech will now regroup.

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.

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