Gehrlicher Solar is close to selling its successful US subsidiary less than a month after beginning insolvency proceedings, according to a statement released by the firm.
Despite initially saying the US arm would not be affected by the bankruptcy protection filing in Europe, Gehrlicher has now said it will soon be able to sell to an investor.
“I see very good prospects of being soon able to sell Gehrlicher Solar America Corporation (GSAC) to an investor,” said Oliver Schartl, a lawyer with Müller-Heydenreich Beutler & Kollegen, who is acting as the firm’s administrator.
At the time the insolvency was announced, a GSAC spokesperson told PV-Tech: “While our German parent company is working with the preliminary administrator in Munich to find the best solution for restructuring, GSAC and its North American operations are not being affected.
“GSAC is a separate, standalone entity that is legally, operationally, and financially independent from Gehrlicher Solar AG and therefore, this filing will not impact the North American company’s business operations or O&M services.”
Despite this, it appears the company is looking to sacrifice its golden goose on the other side of the Atlantic to help ease its financial woes across the rest of the company.
Gerhlicher laid the blame for its insolvency with the EU-China trade dispute.
An €85 million loan agreed with a consortium of banks in May 2013 was cancelled with the company no longer able to follow the business plan that the two-year loan extension was based on.
“Anti-dumping tariffs on modules do not help anyone, not even those who request them, because they destroy jobs throughout the whole PV value chain,” said Richard von Hehn, management board member and COO, Gehrlicher Solar in a statement to the press in July, prior to the EU-China agreement.
Schartl also confirmed that a deal had been struck to protect salaries at the firm until September and to ensure the completion of solar farms in Romania worth €11 million (US$14.6 million) to the company.