星期五, 四月 10, 2020
Home PV News Hanergy’s Solibro Hi-Tech unit in liquidation

Hanergy’s Solibro Hi-Tech unit in liquidation

With the opening of insolvency proceedings, the business operations of the company were halted days ago. No potential investor could be found to take over the business.

Source:pv magazine

“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.

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