German thin film solar PV module manufacturer, Calyxo GmbH filed for insolvency at the District Court of Dessau today. The court appointed attorney Lucas Flöther as the company’s provisional insolvency administrator.
“The filing for insolvency has no impact on the current business operations,” said Flöther of the law firm Flöther & Wissing. He will now examine all options for restructuring and will get a more accurate picture of the economic situation of the company. “The goal is to maintain business operations and as many jobs as possible,” he added.
“Attorney Lucas Flöther is mandated by the court to provide an evaluation on whether there are grounds for insolvency,” said a company spokesman, responding shortly before the official announcement to pv magazine’s request to confirm a previously released media article on the matter.
Flöther also went to Thalheim, where Calyxo is headquarterd, and informed the 155 employees. The salaries of the employees are secured by insolvency money until the end of June. Flöther now wants to evaluate the possibility of cutting short-time working hours.
The “Mitteldeutsche Zeitung”, citing industry sources, said that after a major order had been canceled, a third of its employees had been working part-time since March. This is the main reason for the current liquidity issues, said the provisional insolvency administrator.
“Calyxo is a core competitive company, but in a very difficult market environment,” continued Flöther. “Whether a refurbishment is possible, will be clear in the course of a closer examination in the coming months.”
The company produces cadmium telluride thin film modules. The company’s former U.S. technology partner, Solar Fields had taken over the ownership of Calyxo in February 2011, from the former Q-Cells SE. Solar Fields is still the parent company of the solar PV manufacturer.