Insolvency proceedings open for Odersun04. 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.
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".
Choose between a digital and print subscription from pv magazine publisher Solarpraxis AG’s online shop!
- 5219 views
- 5006 views
- 4140 views
- 3086 views
- 2543 views
Want to publish your press releases for free? Simply log in or register, enter the information you want to appear and we'll publish it for you!