Renewable energy developer CBD Energy has entered administration, however its solar installation business will continue to operate.
The company voluntarily entered administration under Australian corporate law. CBD said its Australian installation business, under the Westinghouse Solar brand, had a “substantial backlog” of residential and commercial order that would be fulfilled “without interruption”.
“This enterprise has strong and experienced business unit leaders on three continents all of whom are committed to working tirelessly to build their businesses and create value for CBD's stakeholders,” said William Morro, non-executive chairman, CBD.
“We are also fortunate to have financial support from CBD's secured creditor during the administration process that will ensure the availability of working capital necessary to fund the continued growth of the Westinghouse Solar businesses worldwide,” he added.
The company said that following its reorganisation it would re-release historical accounts and bring its regulatory filings up to date.