One of China's leading solar panel makers Wuxi Suntech, a major subsidiary of the New York-listed Suntech Power based in the eastern Wuxi City, on Wednesday declared bankruptcy.

In accordance with China's Bankruptcy Law, The Wuxi City Intermediate People's Court on Wednesday ruled Wuxi Suntech's bankruptcy and restructuring following the joint application of the company's nine creditor banks on Monday.

The company made no objection on the ruling.

Founded in 2001, Wuxi Suntech accounts for more than 95 percent of the Suntech Power's product capacity, with annual solar module production volume of 2.4 GW in 2012.