Insolvency administrators appointed by a local German court in Konstanz have begun the asset-stripping of troubled and insolvent solar company Sunways AG, announcing today that its solar inverter business and building integrated photovoltaic (BIPV) business has been sold to an indirect subsidiary of Shunfeng Photovoltaic International Limited.
Having approved an insolvency agreement on the German solar company on April 29, the creditors committee signed a contract permitting the sale, effective today, May 2. One stipulation in the contract is the complete divestment of Sunways AG’s company, patents, design, know-how, equipment, inventories and related employees pertaining to areas covered by the inverter and BIPV business. The new buyer will not take on board any existing liabilities.
The sale in itself is not sufficient to satisfy a repayment Sunways AG’s debts, read a statement from the company, which has already introduced a series of painful measures intended to settle some of the outstanding debts owed by the company.
The buyer is principally engaged in solar power generation and development, and is a subsidiary of well-known Chinese solar company, Shunfeng.