Sovello unveils redevelopment plan


In a statement released, Sovello, which announced its application for insolvency yesterday, following bankruptcy rumors at the weekend, has unveiled its plans for a redevelopment concept to its staff at a meeting held today, May 15.

CEO Reiner Beutel said the company will aim to find a suitable investor in the next few weeks. The management also plans to "put all material and labor costs to the test". In the meantime, it will continue on with production "in accordance with current demands".

Beutel further apologized to his workforce for the "reckless reporting" over the weekend, which he said would have unsettled the workforce, customers and suppliers. "For various legal reasons, the management was only able to communicate the news after a ruling by the Dessau district court," he said.

He continued, "The leadership of the company lies in the hands of the management. In close coordination with the interim trustee, all efforts will be focused on a plausible restructuring plan and finding a suitable investor in the coming weeks.

"Wages and salaries are secured by the pre-funded insolvency payments until the end of July 2012, [and] we continue to produce in accordance with current demands. Our goal is to put all material and labor costs to the test, and to discuss the already concrete measures with an interested investor."

Provisional trustee of Sovello, Bernd Depping, went on to assure staff that he would become acquainted with the team as thoroughly as necessary and as quickly as possible, and examine "whether and how the future of Sovello can be sustainable and competitive". He reminded the employees that they were creditors of the company and that he will also "work in their interests".

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.