SiC unable to meet payment obligations

Facebook
Twitter
LinkedIn
Reddit
Email

SiC Processing has finalised a last minute deal to delay payments to major creditors until 28 February 2013.

The company said the move was prompted by volume and price declinations, incomplete liabilities from its expansion program of the past two years, and a parent guarantee for a rental contract with insolvent REC Wafer Norway.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The creditors, which include the Norwegian landlord of SiC Processing, a supplier of SiC recycling lines and a shareholder of SiC Processing, agreed to delay the company’s outstanding debt until 28 February 2013.

In order to guarantee cash flow after the February date, SiC Processing and its shareholders plan to develop a restructuring plan. The plan will be presented to its major creditors and holders of the SiC Processing bond. The company’s intent is for the restructuring plan to help it maintain its competitive position in the market after this coming February.

Read Next

September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 12, 2025
German trade association BSW-Solar has called the German government for a simplified, standardised and more digitalised grid access for solar PV and energy storage operators.
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
Premium
September 12, 2025
Vote Solar's Sean Garren tells PV Tech Premium that Georgia Power's latest IRP is 'skewed so heavily towards fossil fuels'.
September 11, 2025
Founder Group has won a RM10 million (US$2.3 million) engineering, procurement, construction and commissioning contract for a 30MW solar plant in Malaysia.
September 11, 2025
German renewable energy developer ib vogt has signed a 70MW solar PV virtual power purchase agreement (vPPA) in Romania.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines