Photon Publishing exits prelim bankruptcy proceedings

(SeeNews) - Jun 25, 2014 - The solar industry magazine publishing arm of German firm Photon Holding GmbH said today it had safely exited a preliminary insolvency process less than 10 days after a district court opened the proceedings.

Media reports on Monday claimed that Photon Publishing GmbH had entered bankruptcy proceedings even though Photon Holding previously stressed its units will not be affected by its own insolvency process.

Yesterday, the publisher of Photon International magazine explained that the district court of Aachen, North Rhine-Westphalia province, had opened the proceedings upon request of a third-party that filed a claim for an outstanding payment. Today, Photon Publishing announced that the bankruptcy proceedings against it are now officially stopped.

The insolvency process against the parent company was initiated on June 4. Its units include the solar power business Photon Power AG and product test lab Photon Laboratory GmbH. In addition, Photon Holding has a 60% stake in Photon Consulting LLC. "Assets and operations of the subsidiary companies are not affected by the preliminary insolvency proceedings," the parent said early this month.

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