PCB | November 13, 2009
IPTE affected by Solar Systems insolvency protection
The Belgium-headquartered EMS-provider IPTE has been affected by the filing of Chapter 11 protection of Solar Systems, a major Australian automation customer.
Although IPTE has an outstanding claim of €2.9 million from this customer, the Board has decided to not yet book any provision for this claim. “The main factors behind this decision are: the receivers at Solar Systems are working on a scenario to get the company going again, with the production line supplied by IPTE playing a crucial role. The line cannot run without IPTE making it operational”, IPTE stated. The company believes that the probability of getting Solar Systems going again is realistic. However, IPTE will only carry out work against payment.