Signet Solar announces insolvancy; management optimistic

10. June 2010 | Markets & Trends, Top News | By:  Becky Stuart

Signet Solar's German division has announced it is insolvent. Dr. Christoph Junker, trustee in bankruptcy has told pv magazine the reason involves customers not paying up on time and a lack of new contracts. He is "convinced" however, that the company will find a new investor "within a matter of weeks".

Signet Solar PV panels

The company is convinced it will find a new investor soon.

Speaking to pv magazine over the phone, Dr. Junker said that the company has only just found out that customers of Signet Solar have not paid up on time. This, combined with a problem in securing new contracts since March of this year, has led to the company being declared insolvent.

He said that the company is currently at the Intersolar Europe trade fair though and that it is "convinced it will find a new investor within a matter of weeks".

This is also the message being conveyed to the 160 employees hired by Signet Solar today.

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