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The insolvency administrator Lucas Flöther for PV company Sovello has released details that it will be further reducing the company’s core team.
Around 50 out of 170 employees will stay in the company. The rest of the employees will be laid off from November 1.
Solvello said talks with potential investors are continuing, although offers have not so far satisfied the company's needs, it said.
“Until now there is no sufficient offer. Because of the company‘s already bad and escalating liquidity situation, we are forced to further reduce the core team,” Flöther said. “As one might have feared, the investor process proves difficult.”
After idling its production in August, the 170 employees of the core team had kept the production plants functioning and maintained sales in the event that an investor was found to buy the business.
According to the regional Labour Office, 200 former employees have signed a new employment contract so far.
Sovello had filed for insolvency on May 14, 2012. Following two and a half months of attempts at self-administration, insolvency proceedings commenced on August 1. The court of Dessau rejected a continuation of the self-administration and appointed Lucas Flöther as the insolvency administrator.