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SolarWorld files for bankruptcy

After SolarWorld Americas was successful in its campaign to apply stiff tariffs on solar cells and panels imported to the US from China, its parent organization, SolarWorld AG, has decided to file for bankruptcy.

SolarWorld management released the following statement:

"The management board of SolarWorld AG, after having conducted a diligent review, came to the conclusion today that due to the ongoing price erosion and the development of the business, the Company no longer has a positive going concern prognosis, is therefore over-indebted and thus obliged to file for insolvency proceedings. It is currently under evaluation if a respective obligation to file for insolvency proceedings is also given with regard to affiliated companies of SolarWorld AG.

"In light of the foregoing, the management board will now immediately file for insolvency proceedings with the competent local court (court of insolvency)."

It is unclear at this time whether SolarWorld Americas is part of the filing.

Labels: SolarWorld,solar manufacturing,German,modules,bankruptcy

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