Suntech Power, the Chinese solar panel maker that is in bankruptcy proceedings, is seeking up to USD150 million to revive its business, according to its court-appointed liquidators. Suntech plans to seek USD100 million to USD150 million of working capital from a strategic investor over the next six to nine months, said David Walker, one of the company’s two provisional liquidators. The focus is to develop the retail solar business in the U.S., Japan and Europe after losing its main manufacturing assets in China, he said. Suntech’s troubles followed a slump in solar module prices as expansion in production capacity outpaced growth in demand. The solar industry shakeout also forced Q-Cells of Germany to sell itself and Solyndra into liquidation. Shanghai Chaori Solar Energy Science & Technology missed payment on its debt in March in China’s first onshore bond default. Suntech, which is based in Jiangsu province, defaulted on USD541 million of convertible bonds in March last year and filed for Chapter 15 bankruptcy in Manhattan in February this year to seek protection from U.S. creditors. Suntech’s main manufacturing unit in China, Wuxi Suntech Power, was pulled into onshore bankruptcy proceedings by Chinese banks after the bond default. Shareholders of Hong Kong-listed Shunfeng Photovoltaic International in April approved its acquisition of Wuxi Suntech for CNY3 billion, which paved the way for the company to rejoin the ranks of the largest solar manufacturers. The Wuxi-based company expects to ship at least 2.5 gigawatt (GW) of panels this year, exceeding the 2.1 GW it delivered in 2011 that made it the world’s biggest supplier.