insolvency

The German thin film solar PV module maker was forced to start the proceedings after an order from a major customer was canceled.

The insolvency proceedings of the German PV company have begun at the district court of Munich. According to the insolvency administrator, there is no hope for the parent company and its largest subsidiary in the United States.

The lawyer Michael Jaffé has been appointed as insolvency administrator of the German PV project developer. He is already in talks with potential investors.

The construction contractor will start insolvency proceedings at the district court in Munich next week.

Troubled PV module supplier Moser Baer Solar (MBSL) has asked the Central Bank of India to postpone its loan repayment schedule on claims that its business prospects have been damaged by a deluge of cheap Chinese PV modules that have flooded into the Indian market.

The ruling comes as the German solar manufacturer is restarting following an insolvency process, and Hemlock may have a hard time collecting.

Solarworld Industries GmbH, for which the former CEO Frank Asbeck has been registered as managing director, wants to continue most of the cell and module production at its German facilities. The meeting of creditors must approve the agreement on Friday. The investors also take over the shares in foreign companies, but not in the US subsidiary of the German photovoltaic manufacturer.

Almost three months after announcing provisional insolvency proceedings, the German module maker has now entered the insolvency process. The company, however, is currently negotiating with a potential investor for the takeover of its two German production sites.

The Qatar Foundation is to be a prospective investor. SolarWorld’s provisional insolvency administrator refused to comment on the reports, but was optimistic that a short-term solution could be reached for two production facilities in Germany.

EU ProSun has described the bankruptcy of SolarWorld as a “serious blow to the German and European solar industry.” The lobby group, which has long advocated for tariffs against Chinese solar modules, “deplored” the news of the German-headquartered manufacturer’s insolvency – in a statement released minutes after SolarWorld’s official announcement.