Q-Cells, once the world's biggest maker of solar panels, is filing for bankruptcy.
The German firm says it has abandoned an attempt to refinance its debts and will file for insolvency on Tuesday.
Like other solar panel makers, Q-Cells has been hit by falling prices and last year the firm lost 846m euros ($1.1bn; £702m).
The company started in 2001 with 19 staff and now employs more than 2,000 workers.
Q-Cells had been trying to organise a deal to swap debt for shares in the company.
But it said that a court ruling last week, which blocked a similar restructuring plan at German wood processing company Pfleiderer, convinced it that it could not go ahead with its rescue plan.
"Against the background of the final ruling of the Frankfurt Higher Regional Court in the Pfleiderer case on March 27, 2012, the company had come to the conclusion that no going concern prognosis is given anymore," Q-cells said in a statement.
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