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
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; saved by China’s Aikosolar 12.06.2012
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; announced that Odersun was likely to close 24.05.2012; insolvency proceedings open 04.06.2012
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
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