Solibro restructuring plan will depend on shareholders

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From pv magazine Germany.

The insolvency administrator appointed for troubled German thin-film CIGS module manufacturer Solibro has said a proposed restructuring of the business could save some workers’ jobs, but will depend on the willingness of stockholders to back a turnaround plan.

Henning Schorisch, a lawyer appointed by the District Court of Dessau-Roßlau as interim administrator of Solibro GmbH, told pv magazine a restructuring proposal is being discussed with the management of the company. The board retain some measure of control of the business as the company has opted for self-administered insolvency proceedings.

“On the basis of the previous communication with the self-administration, I am cautiously optimistic that a solution can be found for Solibro GmbH and that at least some of the jobs can be retained,” said Schorisch, who has previously acted as insolvency administrator for Q-Cells and Vetro Solar.

Shareholder support

However the interim administrator said shareholders would have to approve the restructuring plan and provide backing for it to go through.

The district court yesterday ordered provisional self-administration and appointed Schorisch, from Halle an der Saale, as interim administrator. The development was announced in the insolvency register.

Solibro last month halted mass production of PV modules in Thalheim, Germany “due to the difficult market situation and the abolition of punitive tariffs on imported photovoltaic modules”. In an interview with pv magazine at the time, a Solibro spokeswoman described the step as “particularly bitter” as the company had been the only PV manufacturer in Germany’s Thalheim ‘Solar Valley’ to have been spared insolvency.

Schorisch confirmed insolvency proceedings will not affect subsidiaries Solibro Hi-Tech GmbH and Solibro Research AB, in which Chinese thin film company Hanergy still has an interest. Hanergy acquired Solibro GmbH in 2012 but disposed of the parent company in December 2015.

This copy was amended on 05/09/19 to incorporate Henning Schorisch’s comments.