The Photon Holding GmbH has filed for insolvency in the district court Aachen, Germany. The court has apointed attorney Andreas Schmitz as the company's temporary insolvency administrator.
Schmitz declined a request by pv magazine to comment on the situation.
The insolvency marks the second collapse of a Photon group company. Photon Europe GmbH filed for bankruptcy protection at the end of 2012. In the course of the insolvency proceedings, the operations were transferred to Photon Publishing GmbH, whose top management included many of the same executives of the insolvent company.
The Photon Holding continues to own the Photon trademark as it did during the previous Photon Europe insolvency. As a result, creditors at the time were largely unable to reclaim outstanding debt from the insolvent Photon Europe's assets, according to the company's former insolvency administrator Andre Seckler.
Photon Europe's debt pile reached more than 9 million, according to pv magazine‘s own research.
Translated and edited by Edgar Meza
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