EDF Energies Nouvelles, a subsidiary of the EDF group, received permission from the Commercial Court of Vienne to buy Photowatt International’s assets out of bankruptcy and continue its operations. EDF ENR’s offer stipulates that the entire Photowatt workforce will be transferred to a newly established subsidiary of EDF ENR or redeployed within the EDF group. As of March 1, EDF ENR’s subsidiary will be the operator of Photowatt’s assets, relieving Automation Tooling Systems’ from its solar business operations in France.
The court decision completes the recovery proceeding phase with the court-appointed officers in charge of the matter now moving on to finalize the bankruptcy proceedings of Photowatt. ATS will continue to monitor the proceedings, but upon March 1, will no longer be the operating support for Photowatt.
ATS additionally noted that it continues to work the formal sale process for its Ontario-based solar operations. The company expects that, if completed, the proceeds from the divestiture will surpass the cash outflows related to the bankruptcy process in France.