German PV publishing group Photon Publishing GmbH has commenced insolvency proccedings just two weeks after its parent company Photon Holding said the onset of preliminary insolvency proceedings against it would not adversely affect the group’s subsidiaries.
Aachen District Court has appointed lawyer Andreas Ringstmeier to oversee the insolvency proceedings of the publishing arm of the Aachen-based PV group, 18 months after the publisher’s predecessor, Photon Europe GmbH, entered insolvency with debts estimated at up to 9 million (US$12.2 million).
Photon Europe subsequently re-emerged with many of the same leadership team as Photon Publishing GmbH.
Parent company Photon Holding entered preliminary insolvency proceedings due to a tax bill and says it is awaiting clearance of a tax refund claim for a similar amount.
Photon Holdings’ other subsidiaries include PV construction division Photon Power, test lab Photon Laboratory and consulting arm Photon Consultancy.