SolarWorld Management Resign as it Enters Insolvency

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The District Court of Bonn, Germany, has opened insolvency proceedings for German solar module manufacturer SolarWorld AG and its subsidiaries Solarworld Industries Sachsen GmbH, Solarworld Industries Thüringen GmbH, Solarworld Innovations GmbH and Solarworld Industries Deutschland GmbH on Tuesday.

Horst Piepenburg has been appointed as insolvency administrator after having conducted the preliminary proceedings. Piepenburg said last week he was in talks with a potential investor for the takeover of SolarWorld’s German factories in Freiberg and Arnstadt. According to Reuters, the potential investor is the company’s largest shareholder, which is Qatar Foundation.

SolarWorld CEO Frank Asbeck has registered a new company, Solarworld Industries GmbH, in the country’s commercial register last week. The purpose of the company is “to manufacture and distribute solar modules and related products” according to the data from the commercial register. An inquiry with Piepenburg, whether Asbeck together with the major shareholder from Qatar wanted to continue a part of Solarworld, still remains unanswered…

This article can be read in its entirety at PV Magazine.