Germanys Solar-Fabrik has today been told by the local court in Freiburg that its insolvency proceedings will, after all, be allowed to continue under self-administration with immediate effect.
The court had rejected Solar-Fabriks claims for self-administration earlier this month, appointing Thomas Kaiser as insolvency administrator and warning creditors that they have until June 2 to file their claims.
The local court moved against the companys decision to appoint Thomas Oberle to the board, calling the appointment too expensive.
However, the courts about-turn this morning follows the rationale from both the creditors committee and the self administration that this way forward presents the highest probability that the company will be able to find the investors necessary to secure Solar-Fabriks future.
The initial filing for an application to self-administer was confirmed in February following increased price pressures and weak demand damaging Solar-Fabriks revenue stream. In April, the company was hit with another blow as it was forced to issue a product warning relating to some of its solar modules that may have been fitted with faulty junction boxes.
Todays news is a chink of positivity for the company, which will now hope to restructure along its own terms and timeline.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.