SolarWorld creditors agree sale to CEO Asbeck

Having seen an agreement reached between the investor and insolvency administrator earlier this week, SolarWorld’s creditors have today agreed to the purchase and transfer of SolarWorld’s assets to Frank Asbeck, the company’s CEO.

Confirmed to pv magazine by Birgit Niepmann, press secretary of the District Court of Bonn, a 99% majority of the two companies voted for the sale.

An official press release published late afternoon stated that “the creditors’ assemblies of SolarWorld AG, SolarWorld Industries Sachsen GmbH, SolarWorld Innovations GmbH and SolarWorld Industries Thüringen GmbH approved the closing of a purchase and transfer agreement comprising substantial assets of the aforementioned companies.”

It emerged over the past few days that SolarWorld founder Asbeck wished to take over the production sites in Freiberg and Arnstadt, Germany, alongside a major Qatar-based shareholder.

Horsten Piepenburg, SolarWorld’s insolvency administrator, made it his main intention to enable module and cell production at the German sites to continue uninterrupted as much as possible.

By transferring the assets to Asbeck, the company is able to achieve this and safeguard the employment of around 500 employees. The establishment of a transfer company is planned for the remaining employees at the two locations – a figure in the region of 1,200 staff.

The new company will also acquire the shares of SolarWorld AG in SolarWorld Africa (Pty) Ltd., SolarWorld Asia Pacific PTE Ltd., SolarWorld France S.A.S. and SolarWorld Japan KK.