Solarwatt is insolvent

Solarwatt filed for insolvency at the District Court of Dresden. As opposed to undertaking regular insolvency proceedings, the company is looking to reorganize itself via self-administration – something a number of the recently announced insolvent firms are looking to do, including Sovello.

The main advantage of self-administration is that the company board can continue to be responsible for operations, and can hold talks with equity and debt investors. Furthermore, a property manager will be put in place to safeguard shareholders’ interests.

On May 11, Solarwatt announced that company founder, Frank Schneider would leave the company at the end of the year. With immediate effect, he handed his chief executive position to Detlef Neuhaus, who was previously responsible for marketing and distribution. CFO, Jürgen Bruns will also leave the company on June 30. His successor is Carsten Bovenschen, who until the end of 2010, was CFO at Roth & Rau.

Germany’s solar companies – insolvency timeline

Company

Timeline

Signet Solar

Announces insolvency 10.06.2010; insolvency proceedings open 02.09.2010; company stops operations 30.11.2010

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

Solon SE

Announced insolvency 13.12.11; saved by UAE-based Microsol 01.03.2012; Solon Energy GmbH formed 06.03.2012

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

SunConcept Group

Files for insolvency 08.02.2012

Scheuten Solar

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; saved by China’s Aikosolar 12.06.2012

Ralos New Energies AG

Files for insolvency 02.03.2012

Solarhybrid AG

Files for bankruptcy 21.03.2012

Odersun AG

Filed for insolvency 29.03.2012; preliminary insolvency proceedings opened after failure to find investor 18.04.2012; announced that Odersun was likely to close 24.05.2012; insolvency proceedings open 04.06.2012

Q.Cells SE

Files for insolvency 02.04.2012; investor sought, insolvency proceedings expected by July 18.04.2012; cell and module production resumes 23.04.2012; insolvency manager positive 03.05.2012; Hanergy will acquire thin film subsidiary, Solibro 05.06.2012

Soltecture GmbH

Files for insolvency 09.05.2012; searches for investors, announces new CIGSe efficiency 12.06.2012

Sovello AG

Rumors emerge over insolvency 12.05.2012; application to open self-administration insolvency proceedings filed 14.05.2012; redevelopment plan unveiled 15.05.2012; Sovello hunts for investors 12.06.2012

Inventux Technologies AG

Files for insolvency 18.05.2012; lets 67 employees go 31.05.2012