Restructuring planned
Solar manufacturer Meyer Burger requested US creditor protection
The solar module manufacturer Meyer Burger is still fighting for his future. While preliminary insolvency proceedings are already underway in Germany, the company also wants to reorganize itself in the United States.
The Swiss solar company Meyer Burger, which also operates several locations in Germany, has applied for creditor protection in the USA. According to the court documents, the company made a corresponding application in accordance with “Chapter 11” at the insolvency court in Delaware.
According to documents, an extensive restructuring of the company is sought. A company spokeswoman confirmed that a renovation of the company would be sought. It’s not about liquidation.
Since the beginning of the month, the German subsidiaries have also been in the provisional bankruptcy proceedings. The company was intensified again compared to the level before the bankruptcy application, said a spokesman for the insolvency administration. The sale of the solar modules started very well. In the meantime, the international management consultancy KPMG has been commissioned to address suitable investors worldwide. However, this process still needs time.
Locations in Germany should contribute to the high run in the USA
Some time ago, Meyer Burger had stopped the production of the solar modules in the USA. According to the company, 282 employees were terminated. The company has been in difficulties for several years, among other things because of cheaper competition from China.
The company actually wanted to build its solar module production in the United States. For this purpose, solar cells from Bitterfeld-Wolfen (Saxony-Anhalt) should also be exported to the USA.
According to court documents, the estimated liabilities in the United States are $ 500 million. The estimated assets, on the other hand, at $ 100 – 500 million.
dpa
Source: Stern
