A court appointed administrator will monitor the crystalline silicon photovoltaic manufacturer, which must now draw up a restructuring plan. Business is said to be continuing as usual in the meantime.
The blame for insolvency proceedings has been pinned onto high restructuring costs, oversupply and a declining European market. Asola has said its restructuring plan will be designed to account for these altered conditions, and will aim to restructure the company strategically, operationally and financially.
"The particular goal is to preserve as many jobs as possible, subject all supply contracts to precise inspection and safeguard the excellent customer relations, some 25 extending over a number of years. Ultimately, asola Solarpower GmbH thereby also seeks to make entry interesting for investors," said the company in a statement released.
Established in 2001, asola Solarpower manufactures both mono- and poly-crystalline photovoltaic modules for rooftop, roof-integrated and building-integrated systems, and for such applications as glass-glass modules, bifacial or colored cells.
Asola Quantum Solarpower AG and asola Automotive Solar Deutschland GmbH are not said to be affected by the insolvency proceedings.