The insolvency administrator Lucas Flöther for PV company Sovello has released details that it will be further reducing the company’s core team.
Around 50 out of 170 employees will stay in the company. The rest of the employees will be laid off from November 1.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Solvello said talks with potential investors are continuing, although offers have not so far satisfied the company's needs, it said.
“Until now there is no sufficient offer. Because of the company‘s already bad and escalating liquidity situation, we are forced to further reduce the core team,” Flöther said. “As one might have feared, the investor process proves difficult.”
After idling its production in August, the 170 employees of the core team had kept the production plants functioning and maintained sales in the event that an investor was found to buy the business.
According to the regional Labour Office, 200 former employees have signed a new employment contract so far.
Sovello had filed for insolvency on May 14, 2012. Following two and a half months of attempts at self-administration, insolvency proceedings commenced on August 1. The court of Dessau rejected a continuation of the self-administration and appointed Lucas Flöther as the insolvency administrator.