Soluxtec’s production facility in Bitburg, Germany
Image: Soluxtec
German manufacturer of solar panels Soluxtec has filed for bankruptcy proceedings with the Court of Bitburg op Wednesday.
The court has appointed a lawyer Jacob Joeres of an accounting and consultancy firm dhpg as provisional curator. He will work with the solar panel manufacturer’s management to stabilize operations.
“Immediately after the preliminary bankruptcy proceedings have been declared, I will first receive a comprehensive overview of the financial situation. At the same time, I will immediately enter into discussions with management and potential investors,” said Joeres.
The insolvency proceedings affect 70 employees of the company, which produces solar panels at its German facilities in Germany Bitburg And Fohren for 15 years. The employees’ wages are insured for three months through an insolvency benefit. Employees were informed about the process during an internal meeting.
The company said it plans to restructure through standard insolvency procedures. The goal is to continue to provide customers with solar panels and preserve jobs.
“Discussions with potential investors have already begun and we hope to bring them to a successful conclusion soon,” the company said Tim Leukertdirector of Soluxtec.
Intense international competition and plummeting module prices continue to put pressure on photovoltaic manufacturers Germany and on the other side Europe. Several competitors have already left the market, while growing demand has so far created only limited niche opportunities for European suppliers.
This content is copyrighted and may not be reused. If you would like to collaborate with us and reuse some of our content, please contact: editors@pv-magazine.com.
Popular content
