Suntech Power Holdings Co Ltd, the Chinese solar panel maker, said on Wednesday that three directors had resigned due to concerns about a "severe cash flow drain." Another reason cited was the company's failure to implement the directors' advice.

According to Suntech, Susan Wang, Julian Worley, and Zhizhong Qiu resigned as directors on Aug. 21. The company also noted that the directors felt they were not provided enough information to fulfill their duties.

Hit by a global surplus in solar panels, Suntech's main subsidiary, Wuxi Suntech, filed for bankruptcy protection in China in March. This came five days after its New York-listed parent company defaulted on a USD541 million convertible bond.

The directors also cited unclear prospects for securing new capital, lack of a clear business plan, loss of critical talent, and failure to pay outside legal counsel as other reasons for their departure.

A source familiar with the matter told Reuters that the Wuxi unit was previously in talks with five companies about strategic investments as part of efforts to restructure its USD1.75 billion debt.