Correction: this article misstated that Sunways would be de-listed from the Frankfurt Stock Exchange. The German solar manufacturer will remain listed on the exchange but its shares will no longer be traded by the electronic trading system Xetra.
Troubled German solar manufacturer Sunways AG re-entered insolvency on March 21, seven months after exiting previous insolvency proceedings.
The move includes both the Konstanz-based cell, module and inverter maker and its Arnstadt-based subsidiary Sunways Production.
Sunways’ management has said it intends to keep the company listed on the Frankfurt Stock Exchange during the period of insolvency, during which it hopes will allow the company to restructure and secure outside investment.
In Sunway’s April 3 ad hoc announcement to investors, the Sunways board admitted the company was likely to undergo a "transferring reorganization" that would be likely to see trading of its shares halted in the Xetra trading platform from April 9 due to termination of the contract that ensures their continuous trading on the Frankfurt Stock Exchange’s electronic trading system.
Sunways is 71% owned by debt-crippled Chinese manufacturer LDK Solar, which this week had its own shares de-listed from the New York Stock Exchange.
LDK was due to meet offshore creditors two days ago in an attempt to restructure its non-Chinese financial obligations and the company has provided no update on the results of the meeting.