Solar Bankruptcy Trustee Sues for $950 Million
The trustee in bankruptcy for Energy Conversion Devices, parent of United Solar of Greenville, is suing three Chinese solar panel companies. The allegations filed in Federal District Court in Detroit against Trina Solar Ltd, Yingli Green Energy Holding Co., and Suntech Power Holdings include conspiracy, price fixing, and dumping solar panels at below cost prices. The trustee is claiming that the actions of these three companies prevented a Chapter 11 reorganization of United Solar and ultimately led to its forced liquidation. The $950 million damage claim is the book value of the company's assets at the time of the bankruptcy filing.