Isofotón continues to deny insolvency rumors

Spanish newspaper Cinco Días reported that Isofotón has started pre-insolvency proceedings. The claim has been vehemently denied by the company, however.

Gemma Martín Piquet, Isofotón’s director of communications told pv magazine that she expects the refinancing of Isofotón’s debt to start "very soon," adding that Isofotón understands that the current time is a very difficult time for everyone. "From our company we will work so that the restructuring process is developed in a dialogue with workers. We will continue being a key company in the Malaga industrial sector," she added.

Prompted about several reported initiatives started by law firms, which are allegedly calling for the start of insolvency proceedings against Isofotón, the company again denied being officially informed about such moves.

Rumor is rife, however. Spanish daily La Opinion de Malaga, for instance, has reported that Isofotón supplier Lamaignere, an Andalusian logistics and transport group, managed to assemble eight Isofotón creditors who jointly claim almost €9 million from the photovoltaic equipment producer, on February 15. The companies are reportedly relying on legal support from the Martínez Echevarría law office.

Madrid-based law office V Abogados, meanwhile, set up a web page to communicate with suppliers of goods and services to Isofotón. The law office is offering its services to represent the interests of such companies in any possible upcoming commercial insolvency proceedings against the company.

Some 200 Isofotón employees in Málaga have also been protesting against the planned downsizing plans (ERE) that will affect around 380 employees of the company reported local press on February 15. The protest started at noon in front of the Ayuntamiento de Málaga city administration headquarters and proceeded to the Delegation of the Government of Andalusia.

Piquet said that Isofotón today has 657 employees in its Malaga plant and 100 more employees in Spain and other parts of the world. "We expect the number of employees in our U.S. plant will increase from the current 30 employees to 100 by the end of this year," Martín Piquet added.

Edited by Becky Beetz.