The District Court of Cologne last week ordered preliminary insolvency proceedings for Energiebau Solar Power Systems GmbH, one of Germany biggest PV wholesalers.
The court has appointed Cologne attorney Andreas Ringstmeier as the companys provisional insolvency administrator, according to court statement.
Ringstmeier is currently reviewing the state of the company but could not be reached for comment.
Energiebau said it filed for provisional insolvency due to the "difficult situation in the photovoltaic industry resulting from the collapse of the market." The company sought early on to develop cooperative agreements and development of new sales channels as part of its new strategy. "Unfortunately, we were unable to convince our financing partners to continue on this path with us," Energiebau Managing Directors René Medawar and Michael Shepherd said in a statement.
The management is now working with the provisional liquidator on finding a way to ensure the long-term survival of the company. Due to the circumstances, Energiebau has been unable to carry out shipments. The company said it was working around the clock in order to get its deliveries back on track this week. The company also expects to resume as soon as possible its activities in Germanys 50.2 Hz conversion measure affecting some 90,000 PV installations in the country.
The German market is currently extremely difficult for PV wholesalers. Many companies have disappeared in recent months. Energiebau itself took over the customers of insolvent rival Donauer Solartechnik about a year ago.
At Intersolar Europe in June, Energiebau presented a new business model for craftsmen that it developed with RWE affiliates RWE Effizienz and RWE Vertrieb.
Translated and edited by Edgar Meza