Siliken files for bankruptcy

Photovoltaics

Spanish solar power company Siliken SA, headquartered in Valencia, has filed for bankruptcy. According to a Spanish newspaper, negotiations with the company's creditors conducted in mid-January to restructure €130 million in debts have failed. In addition to the parent company, the subsidiaries Siliken Energy, Siliken Manufacturing and Siliken Chemicals are affected by the bankruptcy.

Following negotiations with a number of banks, in June 2012 Siliken succeeded in extending its credit line to cover debts amounting to €111.4 million. Siliken, whose majority stakeholder is Grupo Empresarial Zriser, managed at the time to convince its creditors that it still had a sustainable business model but by January it could apparently no longer do so.

Independently of their European parent company, Siliken Manufacturing USA and Siliken USA had already filed for bankruptcy in California at the beginning of January. A creditors' meeting is scheduled in San Diego on the 5th of February.

Bodo Höche

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