German Sunstrom files for insolvency

(SeeNews) – Jul 27, 2012 – Sunstrom GmbH, a subsidiary of insolvent German photovoltaic (PV) module maker Solarwatt AG, filed for insolvency with the regional court in Dresden yesterday.

The court appointed Ruediger Wienberg of HWW Wienberg Wilhelm as preliminary insolvency administrator. Wienberg has experience in the solar sector, as he managed the insolvency proceedings of German PV firm Solon SE (ETR:SOO1) and found a new investor for the company.

Sunstrom said in a statement yesterday that Wienberg wants to familiarise himself with the situation at the company and above all speak to suppliers and clients in order to see whether the work on ongoing projects could continue.

The salaries of the 140 employees are secured until the end of September.

Sunstrom's subsidiary based in Vancouver, the US state of Washington is not affected by the parent company's insolvency, as it is operating as an independent company.

Sunstrom generated revenue of EUR 25 million (USD 30.6m) last year.

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