The District Court of Aachen opened insolvency proceedings against German publishing group Photon Holding GmbH on July 23.
The court listed the reasons for the move as Photon’s inability to pay as well as its indebtedness. The German companys assets include industry magazines Photon International and the German Photon Das Solarstrom-Magazin.
The opening of insolvency proceedings followed a request by a creditor filed in December, the court said. The court has appointed attorney Andreas Schmitz as Photon’s insolvency administrator; Schmitz also oversaw the preliminary insolvency proceedings that began in June.
Creditors can register their claims with the administrator by September 15. The court has furthermore scheduled a creditors meeting for October 15, in which the progress of the insolvency proceedings will be discussed. A hearing on the possible termination of proceedings is also possible if it is found that Photon has insufficient assets, according to the court statement.
Photon Holding said in June that the assets and operations of its subsidiaries, including Photon Publishing and PV construction division Photon Power AG, were not affected by the preliminary insolvency proceedings.
Photon said the Aachen District Court opened preliminary insolvency proceedings for the company due to a tax obligation to the tax office of Aachen. While the group stressed that it did not dispute the tax obligation, it said it had submitted tax refund claims approximately equal to the amount owed but which have yet to be validated.
Photon added at the time that its management had not requested the opening of proceedings and that it believed the move was "unnecessary."
The court also began insolvency proceedings against the Photon Publishing unit last month but terminated them after the division met its outstanding liabilities.