Solarion applies for self-administrative insolvency

Flöther will work alongside Solarion’s management to implement a restructuring plan. The opening of the self-administration procedure is an important step for the implementation of the planned measures.

Solarion currently remains fully operational, stated CEO, Karsten Otte. He added that a part of the reorganization will see the company’s business realigned.

Solarion last made headlines when it fell out with its Taiwanese investor, Walsin Liwa. In January, the Leipzig-based company reportedly filed a lawsuit against the Asian group. It accused Walsin Liwa of violating a technology cooperation agreement, and demanded damages.

The two parties signed a €60 million investment cooperation agreement to produce Copper-Indium-Gallium-Diselenide (CIGS) thin film solar cells in October 2010.

At the time, it was said that Walsin Lihwa, via its wholly owned subsidiary Ally Energy Limited BVI, would invest €40 million in Solarion, thus acquiring a 49% stake in both the company and Solarion’s CIGS technology patent licensing.A further €20 million grant was awarded from the Development Bank of Saxony.