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Germany’s Ralos also files for insolvency

Ralos New Energies AG, based in Germany, has also filed for insolvency. The photovoltaic system provider and project developer cites a weak financial situation as the primary reason.

Ralos also realized photovoltaic parks in Italy.

Ralos AG

The company, which includes Ralos Projects GmbH and Ralos Solar GmbH, filed for insolvency proceedings on February 29, 2012, at the district court in Germany’s Darmstadt.

On its website, it explained, "In spite of successfully implemented operative reorganization measures a solution could unfortunately not be realized for the existing financial situation. This also against the background of the expected changes within the legal conditions in Germany and the expected implications to the sales strategy."

It continued, "The Management Board and the Supervisory Board very much regret for our shareholders, employees and suppliers that this consequence could not be avoided although there was a great mutual agreement for the measurements which have to be taken for a successful financial future."

The district court has appointed Michelstädter lawyer, Bastian Messow as provisional liquidator for Ralos New Energies. His colleague, Mark Plathner has been made responsible for Ralos Solar. Both lawyers already have experience in this field, having successfully completed the partial sale of the insolvent Gecko Group to Centrosolar. Meanwhile, Sylvia Rhine has been appointed provisional liquidator of Ralos Projects.

The news follows that of Scheuten Solar’s insolvency announcement, and Solon’s rescue by Microsol.