Fimer files for creditor protection

Italian inverter manufacturer Fimer has filed for creditor protection with the tribunal of Arezzo, in central Italy.

Italian legal firm Gatteschi has been hired by Fimer to implement a debt restructuring process. “The proceedings are intended at reaching a debt restructuring agreement,” the law firm's partner, Marcello Catacchini, told pv magazine. “All will be managed in full and complete business continuity without any interruption of operational activity.”

Fimer had acquired the inverter business of Swiss conglomerate ABB in March 2020. “This was at the beginning of the serious pandemic that has impacted the whole world,” a company's spokesperson told pv magazine. “This ambitious and complex turnaround deal was slowed down and impacted by the difficulties connected to the health emergency and to the consequent supply chain crisis.”

The manufacturer claims to have been impacted, in particular, by the post-pandemic supply constraints. “Imposed lockdowns, raw material shortages and a reduction in supply chain capacity resulted in increased operating costs and delivery times,” the spokesperson went on to say. “These reasons have led Fimer to face a difficult period in finding raw materials, components and batteries, as well as having to deal with constantly and strongly growing purchase and logistic prices, thus causing delays in the production and products delivery.”

The creditor protection proceedings should be completed by May 4. “We decided to resort to this protective procedure for the best protection of the company and all creditors, during which the company’s Italian production facilities will continue to operate and manufacture products for customers worldwide,” the spokesperson stated.

“This strategic move will allow Fimer to restructure and recapitalise its Italian business operations to ensure that the Company emerges in a stronger financial structure following the impact of Covid-19 and we are confident that this move will secure the future of Fimer, so that we can continue to drive a greener future globally for our employees, channels, suppliers and most importantly, our customers,” the company's director, Filippo Carzaniga, told pv magazine. “With a solid plan now in place, a huge orders portfolio, management is restructuring the business to restore financial stability and fast-track production lines to get back quickly to full operational capacity, ensure continuity in stock globally and bring a number of exciting innovations to market.”