Germany's Abakus Solar applies for preliminary insolvency

Share

The Gelsenkirchen-based group’s operation and maintenance unit, Abakus Solar Service GmbH, also applied for preliminary insolvency due to the close financial relationship with its parent company, the group said.

The court has appointed Christoph Niering as the preliminary insolvency administrator for both companies.

Abakus Solar said its board of directors was "optimistic that both the engineering and the operation and maintenance business of the company can be continued after a swift restructuring." The company added that the salaries of its employees was secured.

The group said its U.K.-based subsidiary, Abakus Solar Manchester Ltd., continued trading and would continue to service all PV power plants it presently services in the U.K.

Founded in 1995, Abakus Solar referred to itself as an "international system house for photovoltaic" focusing on small to large scale projects. The company’s core business included engineering and construction of PV power plants and providing operation and maintenance services.