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© anton andronov dreamstime.com Electronics Production | December 15, 2017

Phoenix Solar forced to file for insolvency

On the 13th of December, The Executive Board of Phoenix Solar AG submitted an insolvency filing to the insolvency court in Munich.
Following a drawdown of project-related letters of credit in the amount of about USD 8 million by a large customer of Phoenix Solar Inc. (the company’s US subsidiary), the parent company Phoenix Solar AG has been obligated to reimburse the issuing banks immediately under its existing financing agreements.
However, such reimbursement claims exceed the financial capabilities of the company, thus resulting in the illiquidity of Phoenix Solar AG and forcing the Executive Board to file for insolvency.

The company says that attempts to find a solution with the US customer and the company’s banking consortium in Germany have failed.

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April 21 2018 3:38 pm V9.3.2-2