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.
Updated: Bankrupt integrated PV module manufacturer SolarWorld AG has appointed Macquarie Capital to undertake a worldwide search for a major new investor in the entire group to avoid complete closure of the company.
SolarWorld Americas the US solar manufacturing subsidiary of bankrupt SolarWorld AG said it had joined bankrupt US solar module producer, Suniva as co-petitioner in the Section 201 trade case under investigation with the U.S. International Trade Commission (ITC).
SolarWorld Americas the US manufacturing subsidiary of bankrupt SolarWorld AG, expects to undertake a major restructuring to attempt to survive after telling its workforce of over 800 that they could receive notices of being laid-off at an undetermined time as part of the WARN (Worker Adjustment and Retraining Notification) Act.
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.