Bankrupt integrated PV module manufacturer SolarWorld AG is close to securing a new owner as a group of unidentified investors are to finance continued manufacturing operations at sites in Freiberg and Arnstadt in Germany by mid-August 2017.
SolarWorld Americas the subsidiary of bankrupt integrated PV module manufacturer SolarWorld AG said it would receive a US$6 million cash infusion from its parent company’s financial lenders to continue reduced operations after recent workforce reductions and support its co-petition with bankrupt US rival Suniva in the ITC ‘Section 201’ case.
Bankrupt integrated PV module manufacturer SolarWorld AG said that its two listed bonds had become due to be repaid immediately as a condition of default since entering insolvency proceedings in Germany on May 10, 2017.
The significant decline in the solar PV manufacturing supply chain in Europe in recent years has reached a critical condition, according to a string of R&D and trade groups in the region.
With its parent company SolarWorld AG and German-based subsidiaries at the early stage of insolvency proceedings, US subsidiary SolarWorld Americas Inc., has said for the first time since its parent company went bankrupt that it was planning to operate its manufacturing plant in Hillsboro, Oregon and other operations as normal.
