An investor has still not been found for Gehrlicher Solar AG amidst insolvency proceedings. On 27 September, the District Court of Munich opened bankruptcy proceedings for the PV company as Munich law firm Müller-Heydenreich Bierbach & Kollegen announced. Oliver Schartl has been appointed as the liquidator. Schartl has already been involved in prior proceedings of the company. Schartl told pv magazine that it is business as usual meanwhile with operation and maintenance services carrying on as per normal. The search for an investor for the German company has been intensified.
The foreign subsidiaries of Gehrlicher Solar are still independent and not in any danger of insolvency. That is the statement made. The U.S. subsidiary of the company has been acquired by M+W Americas. Gehrlicher Solar submitted its insolvency papers in early July to the Munich court.
A reason given by the company was the imposition of provisional import duties on crystalline solar products from China. This deteriorated market conditions for Gehrlicher Solar to a point that the company was not able to meet the conditions for an ongoing credit contract for over 85 million. The bank consortium thereby terminated the credit.
Translated and edited by Shamsiah Ali-Oettinger
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