US subsidiaries of Solar Millennium also insolvent
Following the German parent company that had filed for bankruptcy already several months ago, now the American subsidiaries of Solar Millennium have become insolvent.
The reason given for this is mainly the insolvency of the Solarhybrid AG from Brilon in Germany that had aimed at taking over the US projects from Solar Millennium.
The US subsidiaries and associated companies have filed for Chapter 11 of the US Bankruptcy Code. According to a press release, the insolvency administrator Volker Böhm intends to allow for a structured sales process of the US-American projects. “Following Solarhybrid AG’s insolvency application, regular financing of the US companies was no longer secured. Chapter 11 proceedings ensure that interested parties can enquire about the projects and make offers in the course of a public tendering procedure,“ emphasized Böhm. He hopes that a sale of the US investments would open up good prospects for „a cash guarantee furnished by Solar Millennium in the million dollar range to add back to the company’s assets“.
