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Electronics Production |
Hilber Solar is insolvent
On October 31, 2012, photovoltaic company Hilber Solar GmbH has started insolvency proceedings with the District Court Innsbruck.
RA Herbert Matzunski has been named insolvency administrator for the Austrian company (based in Steinach a. Brenner).
Liabilities of the company amount to EUR 12'944'000 (as of October 31, 2012).
The elimination of government subsidies for photovoltaic systems in Germany, Italy and Spain has contributed to the decision to apply for insolvency proceedings. Recently, a major contract could not be realized and it was canceled by the client.
The company currently employs 69 people. Whether business operations will be continued has to be determined during the coming 2 weeks.
Hilber Solar intends to submit a recovery plan.
