Plans to rescue Solon failed

During talks held in a bid to save the Berlin-based photovoltaic company, Arabic solar company, Microsol, reportedly said it would be interested in taking Solon over, in order to continue producing its photovoltaic modules under the existing brand name.

Immo Ströher of Wella Heritage, a major shareholder of Solon, also wanted to inject funds into the struggling company, in order to keep it afloat. However, in both cases the banks refused the help.

The FTD wrote that Solon had been hoping to be rescued up until Tuesday evening, after it looked like the banks would sacrifice some of their debt and investors would provide €40 million in equity capital. However, talks failed, meaning Solon had to file for insolvency on Tuesday. Rüdiger Wienberg has been appointed as liquidator.

Solon currently has debts amounting to over €400 million. At the end of the year, the company is due to repay €275 million of this sum; credit which was granted by a consortium of eight German banks. The credit was secured by guarantees from the states of Mecklenburg-Vorpommern and Berlin to the tune of €146 million.