The insolvency proceedings also involve three Siliken subsidiaries: Siliken Energy and Siliken Manufacturing both based in Valencia, and Siliken Chemicals located in Albacete.??
Insolvency proceedings will be handled by Valencia-based Bdo Auditores, while creditors will be represented by Taiwan-based Gintech Energy Corporation, according to a statement published in Spains official state bulletin (BOE) on January 28.??
Siliken failed to reach an agreement with creditors for the refinancing of its 130 million debt in mid-January, according to sources quoted by Madrid daily, Expansión. This failure came after Siliken successfully rescheduled 111.4 million with a banking pool of 12 banks, led by Bankia, Banesto and Catalunya Bank, back in June 2012.??
Siliken majority controlled by Grupo Empresarial Zriser attempted to prevent a slide into full insolvency by initiating a pre-insolvency procedure in September 2012. The company nevertheless failed to convince creditors that its business model was viable in the current market environment.??
Separately from their European parent company, Siliken Manufacturing USA and its wholly owned subsidiary, Siliken USA, filed voluntary bankruptcy petitions at the United States Bankruptcy Court in the Southern District of California, seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code, on January 7. A meeting of creditors is scheduled in San Diego on February 5.??
The ill-fated solar developer from Valencia boasted annual sales of 331 million in 2010 and 255 million in 2011. The company, which employed around 1,100 workers in its heyday, was set up in 2002 by a handful of partners Carlos Navarro, Gonzalo Navarro, Alfredo Puche and Francisco Clavel at a time when Spains solar energy and real estate markets were in strong expansion.??
Zriser, the investing group controlled by Spanish entrepreneur Pablo Serratosa, purchased a stake in Siliken in 2008 and today Zriser represents the largest shareholder with around 59% of shares. The remaining 32% of shares are in the hands of founding partners and 9% is owned by minority shareholders.??
Previosuly, Siliken boasted production plants in Rafelbunyol (Spain), Albacete (Spain), Chisoda-Timis (Romania), Ontario (Canada) and Tijuana (Mexico). Last year, however, the company decided to close its Albacete, Tijuana and Ontario plants, while implementing a sharp downsizing program at the Rafelbunyol and Chisoda-Timis plants.
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: email@example.com.
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.