Odersun likely to permanently close

24. May 2012 | Industry & Suppliers, Markets & Trends | By:  Becky Beetz

Hopes that Germany-based Odersun AG will be saved are fading fast. Unless an investor is found by the end of the month, the company will be forced to shut down and its employees let go.

Odersun building

Hope of saving Odersun is fading.

The thin film photovoltaic cell and module manufacturer filed for insolvency at the end of March. Preliminary insolvency proceedings were then opened on April 18, and Rüdiger Wienberg from hww Wienberg Wilhelm, was appointed provisional liquidator.

At the time, Wienberg was cautiously optimistic that a new investor would be found by the end of May, which is when insolvency payments for the company’s around 260 strong workforce will end. However, in a statement released by Odersun today, this optimism seems misplaced.

"The hope for a quick entry by an investor for the insolvent manufacturer of solar cells, Odersun AG have not been fulfilled," said the company in the statement. "On its own, Odersun is no longer able to pay the salaries of its employees." The statement added that since the start-up company generated almost no revenue, through a lack of business and orders, it lacks the means to continue.

Although the solution sought by the board – to save the company, as it is, via the quick entry of a Russian investor – did not come to fruition, investor negotiations are continuing. "We are intensively searching for ways to preserve the site," said Wienberg. Parallel to the board discussions with the unnamed Russian investor, he was said to have undertaken a comprehensive investor search. However, this was hindered, given the current tense market situation, where even the leaders are struggling.

The employees have already been informed of the news at a staff meeting, held yesterday. They will shortly receive notice of termination and will be let go on June 1.

Germany's solar companies - insolvency timeline

Company

Timeline

Signet Solar

Announces insolvency 10.06.2010; insolvency proceedings open 02.09.2010; company stops operations 30.11.2010

Meier Solar Solutions

Filed for insolvency 05.09.2010; found Japanese investor 07.09.2010

Blue Chip Energy GmbH

Files for insolvency 22.07.2011

Arise Technologies Deutschland GmbH

Entered structured insolvency 13.10.2011

Solon SE

Announced insolvency 13.12.11; saved by UAE-based Microsol 01.03.2012; Solon Energy GmbH formed 06.03.2012

Solar Millennium AG

Files for insolvency 21.12.2011; investigation into fraud announced 28.12.2011; employees let go as insolvency proceedings begin 28.02.2012; chairman of the management board resigns 06.03.2012; U.S. subsidiaries and investment file for Chapter 11 bankruptcy, Claassen sues for defamation 03.04.2012; class action lawsuit filed 08.05.2012; liquidator confident of investor payout 16.05.2012

SunConcept Group

Files for insolvency 08.02.2012

Scheuten Solar

Provisional administrator appointed for Scheuten Solar Production Facilities GmbH, Scheuten Solar Cells GmbH and Scheuten Solar Technology GmbH 29.02.2012; provisional administrator appointed for Scheuten Solar Holding Germany GmbH 30.04.2012

Ralos New Energies AG

Files for insolvency 02.03.2012

Solarhybrid AG

Files for bankruptcy 21.03.2012

Odersun AG

Filed for insolvency 29.03.2012; preliminary insolvency proceedings opened after failure to find investor 18.04.2012

Q.Cells SE

Files for insolvency 02.04.2012; investor sought, insolvency proceedings expected by July 18.04.2012; cell and module production resumes 23.04.2012; insolvency manager positive 03.05.2012

Soltecture GmbH

Files for insolvency 09.05.2012

Sovello AG

Rumors emerge over insolvency 12.05.2012; application to open self-administration insolvency proceedings filed 14.05.2012; redevelopment plan unveiled 15.05.2012

Inventux Technologies AG

Files for insolvency 18.05.2012


To leave a comment you must first sign in or register your details

No comments

No comments have been submitted yet. Why not login or register and be the first?

Subscribe today!

Choose between a digital and print subscription from pv magazine publisher Solarpraxis AG’s online shop!

Press releases

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!