Reports have surfaced that Odersun has filed for bankruptcy and is seeking to find a buyer through the insolvency court using “self-administration” tactics. Law firm hww wienberg wilhelm advised that it has asked the board of directors to safeguard the interests of creditors and that coordination with the labour market and a pre-term financing payment of wages and salaries have begun.
“Odersun has a highly interesting and probably marketable product with its new thin-film modules,” said Wienberg. “Whether a successful reorganization depends now on whether an investor is found.” The firm acknowledged that the wages and salaries of the 260 current employees are protected from the insolvency payments until late May.
It is noted that the board is working on a restructuring plan after previous negotiations with foreign investors fell through. According to the firm, the company will need new capital as it appears that is has not been generating significant revenues since it started. “The company has generated no significant revenues [and] cash reserves are low despite ongoing project discussions,” says Wienberg. “Speedy customer orders and the entry of an investor to secure the enterprise [is] necessary.”