SunStrom saved by management

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According to insolvency administrator, Rüdiger Wienberg, the Solarwatt AG subsidiary has been saved after former managers Reiner Matthees and Stephan Riedel bought SunStrom. The restructuring was made in the context of a "transferred insolvency". As such, business will be carried out under MR SunStrom GmbH.

Matthees and Riedel have said they will lead the new company, which will continue to deal with the planning and implementation of photovoltaic projects, and service of existing installations. The purchase price was not disclosed, however it was said that all 64 workers will be kept on.

SunStrom filed for insolvency at the end of July. On October 1, the district court in Dresden opened insolvency proceedings. More than half of the original 145-strong workforce were handed their notice at the end of September.

Translated and edited by Becky Beetz.