Sovello in investor negotiations

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According to Germany’s Mitteldeutsche Zeitung, as a business on its own, Sovello is no longer viable. It adds that in order for the company to continue, it urgently needs an investor. The news is said to have come from Sovello, the management of which recently held a company meeting. Discussions with interested parties are underway.

In a statement released shortly afterwards, Sovello’s management confirmed the news. "The talks on a potential transaction should be intensified quickly," said CEO, Reiner Beutel. Investors are said to be particularly interested in Sovello’s technology. Further details were, however, not disclosed.

The head of the workers council, Matthias Gonschorek, is said to be "cautiously optimistic" that the photovoltaic manufacturer, based in Germany’s Bitterfeld-Wolfen, could be saved by an investor, continued the Mitteldeutsche Zeitung report. In the event of bankruptcy, over 1,000 jobs would be endangered. It is believed, though, that even if an investor comes on board, half of the jobs could go. In a restructuring plan drawn up by Sovello, 548 jobs will be lost.

Gonschorek and union, IG BCE have urged the regional government to support the investor search. Should the search fail, however, there must be a transfer company for the Sovello employees, in order to provide new jobs for them as quickly as possible.

Sovello filed for insolvency in mid-May. Despite this, the management continued to have control over decision making. To safeguard the interests of the debitors, a trustee was appointed by the district court.

Translated by Becky Beetz.

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