• Print

Odersun files for bankruptcy, seeks buyer through courts

Reports have surfaced that Odersun has filed for bankruptcy and is seeking to find a buyer through the insolvency court using “self-administration” tactics. Law firm hww wienberg wilhelm advised that it has asked the board of directors to safeguard the interests of creditors and that coordination with the labour market and a pre-term financing payment of wages and salaries have begun.

"Odersun has a highly interesting and probably marketable product with its new thin-film modules," said Wienberg. "Whether a successful reorganization depends now on whether an investor is found."  The firm acknowledged that the wages and salaries of the 260 current employees are protected from the insolvency payments until late May.

It is noted that the board is working on a restructuring plan after previous negotiations with foreign investors fell through. According to the firm, the company will need new capital as it appears that is has not been generating significant revenues since it started. "The company has generated no significant revenues [and] cash reserves are low despite ongoing project discussions," says Wienberg. "Speedy customer orders and the entry of an investor to secure the enterprise [is] necessary."

Publications

  • Photovoltaics International 27th Edition

    Now that the PV industry has unquestionably entered a new growth phase, all eyes are on which technologies will win through into the mainstream of PV manufacturing. PERC, n-type, p-type bifacial, heterojunction – all have become familiar terms in the ever-growing constellation of solar cell technologies. The question is which will offer manufacturers what they are looking for in improving efficiencies and cutting costs.

  • Manufacturing The Solar Future: The 2014 Production Annual

    Although the past few years have proved extremely testing for PV equipment manufacturers, falling module prices have driven solar end-market demand to previously unseen levels. That demand is now starting to be felt by manufacturers, to the extent that leading companies are starting to talk about serious capacity expansions later this year and into 2015. This means that the next 12 months will be a critical period if companies throughout the supply chain are to take full advantage of the PV industry’s next growth phase.

Partners

Acknowledgements

Solar Media

Newsletter

Subscribe
We won't share your details - promise!