Solar-Fabrik, one of the last remaining PV module manufacturers still in German ownership has filed for insolvency, but under self administration, at the local court of Freiburg.
The company said that the insolvency proceedings were due to liquidity issues it had projected could occur in the course of the second quarter of 2015, without providing further details.
Solar-Fabrik noted that it was not suffering from any form of over-indebtedness and was not insolvent.
Solar-Fabrik Wismar GmbH, a subsidiary of the company was also said to have filed for insolvency proceedings under self administration at the same court.
The company said in December, 2014 that it expects a heavy impact on its EBIT margin for 2014, after experiencing a slowdown in sales and a further squeeze on average selling prices (ASPs) in the fourth quarter.
In a financial filing, Solar-Fabrik said it had been impacted by low market demand combined with PV module pricing pressure since the fourth quarter 2014, which it did not expect to improve for several months to come.
Solar-Fabrik had reported increasing module sales and revenue in the first nine months of the year, reaching revenue of €49.4 million, compared to €43.6 million the prior year period.