The tribunal of Bonn has appointed Horst Piepenburg as temporary administrator of insolvent German PV manufacturer SolarWorld AG. This has been confirmed by a spokesperson of the court. Piepenburg, the court added, was tasked to ensure the company’s assets and to clarify the facts of this case.
Piepenburg is known as a skilled restructuring expert, which has settled over 2,000 insolvency proceedings.
SolarWorld filed for insolvency at the Bonn court on May 10. The company’s board said that, after attentive analysis, there was no more positive prognosis for the company as a going concern. As for the company’s units in the regions of Thuringia and Saxony, it still must be evaluated if they will have to file for insolvency. Meanwhile, production at the company’s facilities, where around 3,300 people are employed, is still running, the provisional administrator said in a press release.
Meanwhile, SolarWorld said in a press release that its German subsidiaries Solarworld Industries Sachsen GmbH, Solarworld Industries Thüringen GmbH, Solarworld Industries Deutschland GmbH, and Solarworld Innovations GmbH have also filed for insolvency. Piepenburg was also named provisional administrator of all of SolarWorld’s German units.
By Petra Hannen and Sandra Enkhardt