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© saniphoto dreamstime.com Electronics Production | January 30, 2015

Solar-Fabrik AG to file for insolvency

Solar-Fabrik AG has decided to file for insolvency in self administration. The same application will also be prepared for Solar-Fabrik Wismar GmbH.
The goal of the self administration is a restructuring of Solar-Fabrik AG and Solar-Fabrik Wismar GmbH. The other companies of Solar-Fabrik Group are not impacted. The applications will be filed with the Local Court of Freiburg on Feb. 02, 2015.

Solar-Fabrik AG has been impacted by low market demand combined with the corresponding price pressure since the fourth quarter 2014. The company estimates that this situation is likely to continue over the next couple of months, generating additional cost pressure. Solar-Fabrik AG wants to use the instrument of insolvency in self administration for best possible results in restructuring while the company does not suffer from overindebtedness and is not insolvent.

Solar-Fabrik introduced short time work schedules due to the weak market in November 2014. With the prolongation of this situation the company anticipates a further erosion of its cash reserves and potentially an insolvency situation due to shortage of liquidity (drohende Zahlungsunfähgigkeit) could occur in the course of the 2nd quarter 2015. Facing this outlook the Management Board decided today, with the approval of the Supervisory Board, to prepare and file for insolvency in self administration and therefore implement necessary restructuring actions as early as possible.

The Supervisory Board has also approved Thomas Oberle as an additional Member of the Management Board of Solar-Fabrik AG, contingent upon i) either interim insolvency measures pursuant to Section 21 of the Insolvency Act or ii) the opening of the insolvency proceedings by the Local Court of Freiburg.

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