Insolvency proceedings open for Odersun

04. June 2012 | Industry & Suppliers, Markets & Trends | By:  Becky Beetz

Germany’s Charlottenburg district court opened insolvency proceedings for Odersun AG on June 1, following the company's failure to find an investor.

Odersun HQ

German thin film manufacturer, Odersun has had to close its doors.

On May 24, the company announced that hope of finding an investor was fading fast. Having filed for insolvency at the end of March, preliminary insolvency proceedings opened on April 18, and Rüdiger Wienberg from hww Wienberg Wilhelm was appointed provisional liquidator. He has now been appointed liquidator.

The company was then shut down on May 31, after it could no longer pay employee wages, and the expectation that a Russian investor would come on board failed to materialize.

As such, around 260 employees have been let go. Furthermore, the management and  total assets of Odersun have been transferred to the liquidator, "who will continue to intensively search for a solution".

Despite the closure of Odersun, Wienberg said that takeover negotiations will continue with interested parties. "As long as investor conversations continue, Odersun can be quickly restored to an operable condition," he said, adding, "The patents [for Odersun's thin film photovoltaic technology] remain effective."

The separate recovery of the company’s assets will only occur if the search for an outright investor results in "outright failure".

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