Insolvency proceedings have been underway for Solar-Fabrik AG since the start of the month. However, the German PV manufacturers 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-Fabriks appointment of Thomas Oberle to the companys 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.