Having lost its line of credit from its banks, Germany-based PV supplier Sunways, majority-owned by struggling Chinese manufacturer LDK Solar, has been forced into insolvency proceedings.
According to an announcement by the company, a “relevant third-party application” for bankruptcy was made at the local court in Konstanz, Germany. Attorney at law Dr. Thorsten Schleich, Singen am Hohentwiel, of the law office Schleich & Kollegen, was appointed as preliminary insolvency administrator.
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Sunways' wholly-owned subsidiary, Sunways Production, is also included in the proceedings.