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Carrying significant net debt of over €400 million and an urgent need to restructure its finances with lending banks would seem to have failed for Solon as the company said in a brief statement it would be starting insolvency proceedings. The PV manufacturer and project developer noted that debt restructuring negotiations had failed to provide an amicable solution, providing no alternative to attempt restructuring via the insolvency court.
Insolvency proceedings have been filed for Solon Photovoltaik GmbH, Solon Nord GmbH and Solon Investments GmbH, according to the company.
Solon had already made production and headcount cuts to reduce cash flows and reorganise operations in the US and Germany, which included the appointment of Dr. Walter Bickel to join the board from global professional services firm, Alvarez & Marsal, which specializes in turnarounds.