German solar manufacturer SolarWorld Industries GmbH has today filed a request to open insolvency proceedings at the district court of Bonn.
“With this, the company is reacting, among other things, on further decreased market prices and European Commission’s intention to terminate measures against dumped solar imports from China,” the German company said.
The district court appointed Christoph Niering as provisional insolvency administrator. Disposal of assets is only effective with the approval of the provisional administrator, the notice states.
In August 2017, SolarWorld Industries acquired the German production and sales activities of the insolvent SolarWorld AG, and subsidiaries, which filed for insolvency last May. U.S.-based subsidiary SolarWorld Americas Inc. was not included in the deal, is a separate legal entity from SolarWorld Industries GmbH, and continues operations in the state of Oregon.
SolarWorld Industries’ founder, Frank Asbeck has a 51% stake in the company, while Qatar Solar Technologies (QSTec) holds a 49% stake.
Update: This article was updated at 21:45 CET on March 28 to clarify that SolarWorld Americas is a separate legal entity.