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Dec 16th, 2011
 
SOLON SE files an application for the opening of insolvency proceedings
 
Increasing competition with Chinese manufacturers and lowering PV demand due to the reduction of PV incentives in Europe are seen as the main causes of SOLONís insolvency.
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On December 13, 2011, a European PV manufacturer SOLON SE filed an application for the opening of insolvency proceedings.

In the past few months, SOLON SE had engaged in intensive efforts to carry out a financial restructuring. It held talks with investors, the financing banks and the guarantors, but the negotiations on an amicable solution failed. SOLON SE will now use the opportunities for a restructuring within the insolvency proceedings.

An application for the opening of insolvency proceedings was subsequently filed for the following subsidiaries: SOLON Photovoltaik GmbH, SOLON Nord GmbH and SOLON Investments GmbH.

 

 
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