Macquarie tasked with finding investor for all of SolarWorld

Macquarie Capital, a unit of Australian investment bank Macquarie Group (ASX:MQG), has been tasked with finding an investor for the entire SolarWorld Group and the worldwide search has already started.

German photovoltaics (PV) manufacturer SolarWorld AG (ETR:SWV) filed for insolvency proceedings last month. Its US business, SolarWorld Americas Inc, meanwhile, has said it is "operating as usual."

Announcing the start of the investor search on Thursday, SolarWorld also said that its business operations have been stabilised and the company has again started serving customers. May salaries were paid punctually as insolvency money to almost 2,200 employees, it noted.

SolarWorld further said it has been spontaneously visited by a delegation of the Indian energy ministry, which had an appointment in Leipzig. "We see the interest of the delegation from India as a further positive signal," said Horst Piepenburg, who was appointed preliminary insolvency administrator of SolarWorld AG.

The German solar manufacturer filed for insolvency due to over-indebtedness. It has said that as a result of the ongoing price erosion and the development of the business, it no longer has a positive going concern prognosis.

SolarWorld has campaigned hard for anti-dumping and anti-subsidy measures in both Europe and the US against Chinese solar imports. SolarWorld Americas recently joined Suniva, which in April filed for Chapter 11, in its fight for global safeguard relief from imports of PV products to the US.

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