German Solon files for insolvency

Dec 14, 2011 - German solar technology company Solon SE (ETR:SOO1) was unable to carry out a financial restructuring and filed for insolvency, the company announced on Tuesday evening.

An application for the opening of insolvency proceedings was subsequently filed for the company's subsidiaries Solon Photovoltaik GmbH, Solon Nord GmbH and Solon Investments GmbH.

Solon faced a EUR 208.3 million (USD 271.5m) net loss in the first nine months of 2011, a deep slide from a loss of EUR 17.4 million a year earlier due to a major decline in prices and one-time effects from operational and financial restructuring.

Revenue also decreased -- by 11% year-on-year to EUR 358.2 million in the January-September 2011 period.

Solon is one of many sector companies that faced difficulties in the course of 2011. The industry as a whole was characterised by a drop in prices and a decline in demand.

(EUR 1.0 = USD 1.303)

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