“The business operations of Solibro Hi-Tech were finally discontinued when the insolvency proceedings were opened and all employees were given notice.” That brief statement, issued to pv magazine by a spokeswoman for insolvency administrator Henning Schorisch, of law firm hww hermann wienberg wilhelm, yesterday, confirmed the writing on the wall for German employees at the unit.
Late last month, a German insolvency court opened regular insolvency proceedings for the photovoltaic company, which belongs to Chinese thin film manufacturer Hanergy.
Schorisch had unsuccessfully tried to arrange a reorganization of the business during preliminary insolvency proceedings since the start of the year.
“An M&A [merger and acquisition] process was set up by the administrator during the preliminary administration but was, unfortunately, unsuccessful,” said the hww hermann wienberg wilhelm spokeswoman.
End of the line
The lack of a white knight investor and laying off of employees means the company will now fold. “In this respect, there is a liquidation of the company, there is no resilient interest in taking over the company,” added the spokeswoman.
A public announcement of the insolvency proceedings stated creditors could lodge their claims against the business until Monday. A meeting of creditors has been arranged for March 31.
Before the collapse of Solibro Hi-Tech, the Solibro GmbH business had already run into financial difficulties and filed for insolvency, halting business operations in November when regular insolvency proceedings opened. That development came after a period of self-administration had failed to save the business.
Chinese company Hanergy told pv magazine in August, Solibro GmbH was not part of its group despite evidence of the thin-film manufacturer promoting its “Solibro” CIGS thin-film module brand in company literature after the point when the Chinese group claimed to have walked away from the German unit.