According to a statement, Solon is hoping to carry on operations and, as such, will not be closing down any of its production facilities at this time.
The companys 532 German employees were informed today of the news. They will receive insolvency money until the end of February, when the situation will be reviewed again. The remaining around 300 workers in Solons overseas operations will not be affected at this time.
Furthermore, the company is looking to inform its customers of the situation soon. At the same time, Solon will analyze its financial position and check for further options on how to take its business forward.
The company is said to owe over 400 million in debts.
Read, "Solon files for insolvency".
Read Karl-Heinz Remmers latest publisher’s blog, which discusses the announcement.