German solar manufacturer, SolarWorld Industries GmbH has today filed a request to open insolvency proceedings at the district court of Bonn.
“With this, the company is reacting, among other things, on further decreased market prices and European Commission’s intention to terminate measures against dumped solar imports from China,” the German company said.
The district court appointed Christoph Niering as provisional insolvency administrator. Disposal of assets is only effective with the approval of the provisional administrator, the notice states.
In August 2017, SolarWorld Industries acquired the German production and sales activities of the insolvent SolarWorld AG, and subsidiaries, which filed for insolvency last May.
SolarWorld Industries’ founder, Frank Asbeck has a 51% stake in the company, while Qatar Solar Technologies (QSTec) holds a 49% stake.