Konarka’s German subsidiary files for bankruptcy03. July 2012 | Industry & Suppliers, Markets & Trends | By: Becky Beetz
A month after U.S.-based Konarka Technologies, Inc. filed for bankruptcy, its wholly owned German subsidiary, Konarka GmbH has followed suit at the Nuremberg District Court.
Lawyer, Alexander Kubusch from insolvency administration company, Curator AG has been appointed preliminary insolvency administrator. In a statement released today, July 3, Konarka explained, "The German company has been forced to file for bankruptcy, since the parent company in the US is undergoing liquidation proceedings pursuant to Chapter 7 of the US Bankruptcy Code and deliveries of products can consequently no longer be expected from the US."
Eleven staff are said to be employed with Konarka GmbH and are primarily concerned with research and European sales. However, "all relevant" OEM customer relationships are also said to be maintained at the Nuremberg site.
Kubusch stated, "We can sustain the R&D work in Germany without any difficulties at the moment. Nonetheless, our objective must be to find a suitable investor as quickly as possible who's prepared to get the company's first-class development work back on track again and to guarantee its production operations and future developments in the long term, because a successful transfer of the US parent group is currently still very much up in the air."
Commenting on Konarka Inc’s insolvency, Lux Research said that it was the company’s technology and strategy that was to blame in the firm’s failure, not the photovoltaic market itself.
Dismissing suggestions that the inability to raise capital was the company’s problem, Lux Research countered: "Raising funding, more than solar module development, was where the company excelled."
Keep your finger firmly on the photovoltaic pulse: sign up for our daily newsletter
- 2235 views
- 2118 views
- 2001 views
- 1946 views
- 1870 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!