A German court in the city of Constance on Monday opened insolvency proceedings pertaining to the assets of beleaguered German solar manufacturer Sunways AG.
The court has asked Sunways creditors to report their claims in writing to the companys court-appointed insolvency administrator, Thorsten Schleich, by June 10. The court also established a preliminary creditors committee for the period up to the date of the creditors' first meeting, to be held on July 9.
Sunways, a subsidiary of the financially troubled Chinese group LDK Solar, announced in March that it had filed for insolvency just seven months after exiting previous proceedings.
The company announced earlier this month that it had received a purchase offer for its inverter business from an unidentified bidder, but that it had not been enough to cover the debt it owes to its creditors.
The company managed to stave-off insolvency proceedings in August last year by persuading lenders to take a 1 million haircut on 7.6 million of outstanding loans. The company also wiped an estimated 10 million liability off its balance sheet with a one-off, undisclosed payment to settle its wafer purchase agreements.
Since then, Sunways AG has had its shares suspended from the electronic trading system Xetra, while parent company LDK Solar has been delisted from the New York Stock Exchange.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.