REC Wafer Norway files for bankruptcy

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The liabilities of the wafer production company are said to have exceeded its assets by around NOK 1.2 billion (US$203.1 million; €164 million) as of the end of July. To avoid filing for bankruptcy, REC ASA, which own 100 percent of the shares, would have to supply the necessary funding. Having said it has taken the decision not to pursue this path, REC Wafer Norway must now file for bankruptcy.

REC ASA said its wafer subsidiary is not a guarantor under its new bank loan agreement. However, it added that additional costs of around NOK 0.4 billion will be incurred relating to guarantees, loans, and indemnity agreements.

The bankruptcy is not said to have affected either REC Solar or REC Silicon.

REC shutdown timeline