Taiwan-based Inventec, a supplier of notebook computers, servers and mobile devices, has announced that solar module manufacturer Inventec Solar, of which it owns a 47.65% share, has filed for bankruptcy in the Taiwan Taoyuan District Court.
“The assets are insufficient to set off its liabilities, the board of directors apply to the court for pronouncement of its bankruptcy,” Inventec said in a statement to the Taiwan Stock Exchange, noting liabilities of TWD 2.2 billion ($70.2 million).
The company blamed strong competition from foreign solar companies, trade barriers in Europe and the United States, and the Covid-19 outbreak as the main reasons for the collapse of Inventec Solar.
Inventec Solar applied to the Industrial Development Bureau for claims and liabilities negotiations in April 2020. It asked for a one-year extension of the repayment period of its long- and short-term loans.
Solar cell manufacturer E-Ton Solar Tech, another subsidiary of Inventec, closed its solar cell production facilities in Taiwan in 2019 and is now in liquidation.
