Report says Global Solar Energy may have stopped operations

Dec 3, 2012 - Tucson, Arizona-based thin-film solar product maker Global Solar Energy Inc seems to have laid off the majority of its staff and stopped operations, Inside Tucson Business reported on Friday.

The firm, whose German unit filed for insolvency in June, told its employees on November 16 that it planned to end their contracts and discontinue operations, according to the report. Inside Tucson Business said Global Solar did not respond to calls seeking comment.

In a filing in July, Global Solar informed state officials that it would let go up to 39 workers. The local news source, however, cited an employee as saying that some 95 people had lost their jobs.

According to Inside Tucson Business' Book of Lists, the company had headcount of 147 in 2011. It did not update the number this year, the report said.

Global Solar is the latest solar firm to go under against the backdrop of overcapacity in the sector, falling prices and reduced support in key markets. In early June, Global Solar said it had hired FTI Capital Advisors, the investment banking unit of FTI Consulting Inc (NYSE:FCN), to help find a strategic investor.

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