SiC Processing AS announces insolvency

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SiC Processing was forced to close its Herøya slurry recycling plant in April following the permanent closure of REC Norway’s wafer facilities. Around 90 employees were affected, a spokesperson told pv magazine.

The company had started to solvently wind up operations with the consent of its creditors. However, selected creditors have decided not to continue maintaining their consent, meaning the Norwegian subsidiary of SiC Processing GmbH has been led to file for insolvency.

The spokesperson added that no other SiC Processing businesses have been affected. The company, which has operations in Asia, the U.S. and Germany, announced at the start of December that it would develop a restructuring plan to ensure the company’s liquidity in the coming weeks and had agreed to defer upcoming payments with its major creditors.

"It is the intention to implement a restructuring plan, that ensures the long-term competitive position of SiC Processing in a market expected to be challenging for the foreseeable future, by February 28, 2013," said the company in a statement released at the time.