Switzerland’s Meyer Burger Technology AG has said that its two German subsidiaries have each initiated insolvency proceedings.
A statement released by the company says intensive efforts have been made to keep Meyer Burger Industries GmbH and Meyer Burger Germany GmbH open.
“These efforts have not been successful to date and will now be continued as part of the proceedings together with a provisional insolvency administrator to be appointed by the court,” the statement adds.
Meyer Burger Industries' solar cell manufacturing facility in the east German town of Thalheim employs 331 people while Meyer Burger Germany employs 289 people in mechanical engineering and technology development in the eastern town of Hohenstein-Ernstthal.
Meyer Burger’s statement adds that its subsidiary Meyer Burger Switzerland AG, which employs around 60 people in the Swiss town of Thun, will remain in operation, while Meyer Burger Americas Ltd., which laid off all employees last week, will also remain in existence as a company.
The parent company says it has also requested an extension to the deadline for presenting its 2024 financial results “against the background of the ongoing financing discussions on restructuring.” In April, the manufacturer reported a preliminary 2024 EBITDA loss of CHF 210.4 million ($256.7 million) for the 2024 fiscal year.
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