The bankrupt French polysilicon production venture, Silicium de Provence S.A.S. (SilPro) in which Solon SE had a major stake, has been forced to make an impairment charge of €52 million consisting of write-downs of €39 million on the carrying value of its equity investment and of €13 million charge on the carrying amount of a shareholder loan related to the failed enterprise.
SilPro has been in administration under French law since the beginning of April, 2009 after it failed to obtain further funding for the construction of a 3,000MT plant, due to the financial crisis.
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Solon was impacted by the liquidation ordered by the French court via its 48% stake in SOL Holding AG, which in turn held 70% of SilPro. Dutch group Econcern, Photon Power Industries (PPI), and EDF Energies Nouvelles, holding an indirect stake of 12.8% via PPI, were investors in the business.
Solon had previously warned that it could be liable to losses over the deal of €40 million, recognized in investment income.
