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Solar wafer slurry recycling specialist SiC Processing has been granted self-administration while it goes through insolvency proceedings in the District Court of Amberg, Germany.
The company has been impacted by the structural overcapacity in the solar wafering sector, which has led to lower utilisation rates and key customers such as REC closing wafer production operations in Norway.
SiC Processing has also appointed restructuring experts Freitag & Co in collaboration with the provisional trustee in supporting the restructuring of the company.