SolarWorld Industries GmbH files for insolvency proceedings

28.03.2018

SolarWorld Industries GmbH today filed for insolvency proceedings at Bonn insolvency court. The German manufacturer of photovoltaic cells and modules hereby reacts among others on further decreased market prices and European Commission’s intention to terminate measures against dumped solar imports from China. Currently SolarWorld Industries employs about 600 people at its headquarter in Bonn and manufacturing sites in Freiberg (Saxony) and Arnstadt (Thuringia). In August 2017 SolarWorld Industries GmbH acquired the German manufacturing and sales activities from insolvent SolarWorld AG.

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After conducting a review of the company's current situation the management board of SolarWorld cam to the conclusion, that the Company no longer has a positive going concern prognosis, is therefore over-indebted and thus obliged to file for insolvency proceedings. The main Reasons are ongoing price erosion and the development of the business.

Today, the preliminary insolvency administrator of SolarWorld AG informed employees in Freiberg (Saxony) and Arnstadt (Thuringia) about the current situation regarding preliminary insolvency proceedings. Although there has been a great deal of commitment by the staff, the insolvent company will have to reduce personnel costs significantly after July 31. At the same time interested investors have expressed the need to further anayse the situation.

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SolarWorld Industries GmbH, Europe's largest manufacturer of solar cells and modules, resumed production at both its German locations following the opening of the preliminary insolvency proceedings, and started supplying customers this week. The first deliveries go to France, Kuwait, Japan, Sri Lanka and to customers in Germany. The largest single order of around 14,000 solar modules is made by a customer in Kuwait. The first delivery of 6,000 modules is on its way already.