Update: Photon investigated for "delayed filing of insolvency"06. December 2012 | Markets & Trends, Global PV markets, Top News | By: William Vorsatz/Jonathan Gifford/Shamsiah Ali-Oettinger
Evidence is mounting that Photon Europe is insolvent. The department of public prosecutions in Germany's Aachen, where Photon is based, has instigated preliminary proceedings against Photon Europe’s head for "delayed filing of insolvency and other offenses." pv magazine has confirmed this with the public prosecutor's office.
The current trying market conditions for all photovoltaic industry participants seems to have claimed another casualty. The public prosecutor's office in Germany's Aachen has confirmed it is investigating Photon Europe GmbH for the above-mentioned charges. The senior prosecutor Robert Deller would not provide any more details for the time being.
Photon Europe has responded to inquiries about the matter with the statement: "We believe that the proceedings for delay in filing a petition in insolvency will be terminated after further examination by the public prosecutor's office."
Local newspaper Aachener Nachrichten reported late last month that Photon's management had stated that its publishing house had to let go of employees due to the weak solar market. However German trade union ver.di disputed this saying that the actual reason was to dismiss workers who were displeased or disagreed with management.
The Photon Group and its magazines Photon, Photon International and Photon Profi are not affiliated with the German-language magazine photovoltaik and the English-language magazine pv magazine. photovoltaik is published by Alfons W. Gentner Verlag GmbH & Co. KG and Solarpraxis AG and pv magazine is published by Solarpraxis AG.
Choose between a digital and print subscription from pv magazine publisher Solarpraxis AG’s online shop!
- 2950 views
- 2525 views
High liability to asset ratios and low inventory turnover signal "solvency concerns" for PV companies2193 views
- 2082 views
- 2029 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!