Court rejects Solar-Fabrik's self-administration insolvency plans

Share

Insolvency proceedings have been underway for Solar-Fabrik AG since the start of the month. However, the German PV manufacturer’s requests for self-administration have been rejected by the Freiburg District Court, which has now appointed Thomas Kaiser as insolvency administrator. Creditors have until June 2 to file their claims.

In an official announcement, it was stated that the court can reject self-administration, when the probability of disadvantage occurs. It found that Solar-Fabrik’s appointment of Thomas Oberle to the company’s board was too expensive. As an experienced insolvency and restructuring advisor, he was taken on to support the restructuring of the company, at a monthly net cost of €65,000.

Oberle and the solicitors acting in the creditors’ interests, informed the court in April that failure to find an investor would result in the illiquidity of Solar-Fabrik at the beginning of May.

Just last week, Solar-Fabrik postponed the release of its 2014 annual financial statements again. Also in April, the PV manufacturer issued a product warning regarding faulty junction boxes in some of its solar modules, which had been found to present a fire risk.

On February 2, Solar-Fabrik confirmed that it had filed for an application to self-administer insolvency proceedings at the Freiburg District Court. Weak demand and increased price pressure were cited as the reasons.