Dec 11, 2012 - German service provider to the semiconductor and photovoltaic (PV) industry SiC Processing GmbH said on Monday its Norwegian subsidiary would file for insolvency at the district court in Porsgrunn, Norway.
During the summer, REC Wafer Norway AS, the only customer of SiC Processing AS, went bankrupt and afterwards SiC Processing AS secured consent from its creditors to start a procedure of solvent liquidation. However, some of the creditors have now withdrawn their support for this plan so the company will have to file for insolvency. The timing of the filing was not specified.
SiC Processing GmbH has been experiencing liquidity difficulties as a result of the continued price pressure and overcapacity in the solar power industry. Last month, the company announced an agreement with its major creditors for deferral of payments until February 28, 2013 and said it would develop a restructuring plan in order to secure liquidity after this date.