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© phoenix solar Business | December 08, 2017

Phoenix Solar to file for bankruptcy

Phoenix Solar is facing USD 8 million in reimbursement claims after a US customer has drawn letters of credit for a project, resulting in the company's insolvency.

Following the draw of project-related letters of credit amounting to approximately USD 8 million from a major customer of Phoenix Solar Inc. (the subsidiary of Phoenix Solar AG in the USA), the parent company Phoenix Solar AG is confronted with reimbursement claims of the issuing banks to the same amount. This exceeds the financial possibilities of Phoenix Solar AG. This is leading to insolvency and forces the Executive Board of Phoenix Solar AG to file for bankruptcy, a press release states. The board will announce insolvency next week (calendar week 50/2017) at the district court Munich. Attempts by the company's management to reach a solution with the US customer and the banking consortium in Germany have been unsuccessful.
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