The US arm of Portugal based PV developer, Martifer Solar, has filed for bankruptcy.
Martifer Solar USA filed for Chapter 11 bankruptcy with a Nevada court following failed negotiations with creditors, the company said.
The Chapter 11 filing with the Nevada Bankruptcy court said the company had estimated assets of US$10 million to US$50 million. A meeting between creditors is to be held on the 2 February 2014 and the claims deadline is 21 May.
Martifer Solar USA volunteered for reorganisation and said in a statement the company could meet obligations to third parties, although it would need to adjust its repayment schedule.
The bankruptcy only applies to Martifer Solar USA, 55% of whose share capital owned by Martifer.
A statement issued by parent company Martifer Group said Martifer Solar USA deems bankruptcy the “most effective procedure to ensure the ordinary course of its activity” in the interest creditors of stakeholders.
Martifer Solar recently reported a turnover of €231.8 million (US$316 million).