There is no chance of rescue for Germany-based AE Photonics Group. The Dresden District Court has officially opened insolvency proceedings against the photovoltaic component distributor. Christian Heintze of law firm BBL Bernsau Brockdorff has been appointed insolvency administrator.
Since the beginning of the year, AE Photonics business' in Germany has come to an almost complete standstill. During preliminary insolvency proceedings, business was not resumed, added Heintze. The 22 employees have been laid off, and the company will now be fully liquidated.
AE Photonics suffered massively from dwindling revenues on the back of solar subsidy cuts in the key European markets. In 2010, the company recorded sales of almost 100 million and employed over 70 workers. Overall, it has subsidiaries in Italy, Morocco, Greece, India and the U.S.
Since mid-2012, AE Photonics has aimed to find an investor. Unfortunately, however, one could not be found. While the German company, and Greek, Indian and U.S. subsidiaries will be liquidated, the Italian and Moroccan arms of the company are not said to have been affected. It is expected that long-term solutions will be found for them.
Translated by Becky Beetz.
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