Aug 13, 2013 - German photovoltaic (PV) systems maker Sunselex said today that after several unsuccessful attempts to keep its domestic business afloat it had to finally file for insolvency.
The proceedings were started on August 1 by the regional court in Munich. Philip Heinke, of JAFFE attorneys, has been selected as interim insolvency administrator.
For several months, Sunselex was trying to make its core mechanical business in Germany profitable through a drastic reduction of personnel.
The market, however, has continued to steadily deteriorate.
The crisis in Germany has taken its toll and Sunselex has decided to sever its ties to the local PV market.
Since its foreign subsidiaries are not affected by the insolvency of the German unit, Sunselex plans to focus only on international markets in the future.
The company will lead its restructuring from the office in Zurich, Switzerland, working closely with the insolvency administrator.
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