The Leipzig district court on Wednesday directed preliminary insolvency proceeding for the assets of Solarion AG. According to the announcement, a judge appointed Leipzig lawyer Lucas Flöther as the tentative administrator for the insolvency. Less than a year and a half after emerging from court protection from its creditors, the Leipzig PV manufacturer of CIGS thin-film modules has entered insolvency for the second time.
In the course of the first self-administered insolvency proceeding, Solarion underwent a restructuring. At the time, the companys creditors agreed to part ways with the majority shareholder, Ally Energy.
The reason for the departure of Ally Energy and the withdrawal of its shares was a difference of opinion over technological cooperation and strategic direction, Solarion announced in July 2013. The remaining shareholders of the PV manufacturer had agreed to a capital increase which was needed for Solarions restructuring.
The Taiwanese company Walsin Lihwa purchased a stake in the German module manufacturer in 2010 through its subsidiary Ally Energy. Ally Energy purchased a 49% stake in the company for 40 million (US$49.6 million), enabling the construction of the first factory to produce CIGS thin-film modules on an industrial scale. Then, in 2012, a conflict broke out between Solarion and Walsin Lihwa.
In 2013 the German manufacturer applied for insolvency protection. Flöther acted as the trustee in the first proceeding. In September 2013, Solarion announced the start of production of its flexible thin-film modules.