The thin film photovoltaic cell and module manufacturer filed for insolvency at the end of March. Preliminary insolvency proceedings were then opened on April 18, and Rüdiger Wienberg from hww Wienberg Wilhelm, was appointed provisional liquidator.
At the time, Wienberg was cautiously optimistic that a new investor would be found by the end of May, which is when insolvency payments for the companys around 260 strong workforce will end. However, in a statement released by Odersun today, this optimism seems misplaced.
"The hope for a quick entry by an investor for the insolvent manufacturer of solar cells, Odersun AG have not been fulfilled," said the company in the statement. "On its own, Odersun is no longer able to pay the salaries of its employees." The statement added that since the start-up company generated almost no revenue, through a lack of business and orders, it lacks the means to continue.
Although the solution sought by the board to save the company, as it is, via the quick entry of a Russian investor did not come to fruition, investor negotiations are continuing. "We are intensively searching for ways to preserve the site," said Wienberg. Parallel to the board discussions with the unnamed Russian investor, he was said to have undertaken a comprehensive investor search. However, this was hindered, given the current tense market situation, where even the leaders are struggling.
The employees have already been informed of the news at a staff meeting, held yesterday. They will shortly receive notice of termination and will be let go on June 1.
Germany’s solar companies – insolvency timeline
Meier Solar Solutions
Filed for insolvency 05.09.2010; found Japanese investor 07.09.2010
Blue Chip Energy GmbH
Files for insolvency 22.07.2011
Arise Technologies Deutschland GmbH
Entered structured insolvency 13.10.2011
Solar Millennium AG
Files for insolvency 21.12.2011; investigation into fraud announced 28.12.2011; employees let go as insolvency proceedings begin 28.02.2012; chairman of the management board resigns 06.03.2012; U.S. subsidiaries and investment file for Chapter 11 bankruptcy, Claassen sues for defamation 03.04.2012; class action lawsuit filed 08.05.2012; liquidator confident of investor payout 16.05.2012
Files for insolvency 08.02.2012
Provisional administrator appointed for Scheuten Solar Production Facilities GmbH, Scheuten Solar Cells GmbH and Scheuten Solar Technology GmbH 29.02.2012; provisional administrator appointed for Scheuten Solar Holding Germany GmbH 30.04.2012
Ralos New Energies AG
Files for insolvency 02.03.2012
Files for bankruptcy 21.03.2012
Filed for insolvency 29.03.2012; preliminary insolvency proceedings opened after failure to find investor 18.04.2012
Files for insolvency 09.05.2012
Rumors emerge over insolvency 12.05.2012; application to open self-administration insolvency proceedings filed 14.05.2012; redevelopment plan unveiled 15.05.2012
Inventux Technologies AG
Files for insolvency 18.05.2012