China's Suntech Power Holdings, once the world's largest maker of solar panels, filed for provisional liquidation, signaling that it may go out of business after years of steep declines in panel prices.

"We do think this is the end for Suntech," Raymond James analyst Ryan Berney told Reuters.

Suntech filed for provisional liquidation in the Cayman Islands, where it is incorporated. The company was founded in 2001 by Shi Zhengrong, a Chinese national who later became an Australian citizenship while researching at the University of NSW.