According to Germanys 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 Sovellos 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 Germanys 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.
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: firstname.lastname@example.org.
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.