Open Directory Project at

Tuesday, April 3, 2012

Solar energy companies in crisis: Q-Cells insolvent - Problems with Phoenix Solar

Conergy (Photo credit: Wikipedia)
As an interim manager, the lawyer Henning Schorisch with offices in Halle and Dresden was used as a spokeswoman for the district court Dessau announced. The Q-Cells SE in Bitterfeld-Wolfen, at noon the request to open insolvency proceedings have made regular. The company should first be pursued.

Also, the Phoenix Solar Photovoltaic companies struggling in the face of the planned reduction in solar subsidies to its financing. For a loan from a syndicate of banks in the volume of the original 150 million euros had a moratorium be extended as the company announced in Sulzemoos near Munich. As a result, Phoenix shares fell on Tuesday temporarily a more than 30 percent. The shares of Q-Cells had crashed the previous day by more than 40 percent to only 0.126 € and won back some of its value on Tuesday.

As a corporate officer of Phoenix Solar, said the company had not fulfilled certain conditions in the third quarter for the maintenance of the loan. At that time, the company reduced its forecast significantly, inventory write-downs could expect heavy losses. Therefore, Phoenix Solar has with the banks agreed to submit a restructuring plan, on the basis of the financing would have reorganized the end of February should be. This had been delayed because of funding cuts announced for the solar energy now.

The German solar stocks decline wants to escape the Hamburg company Conergy. "Conergy is on the right track so far in 2012," chief executive Philip Comberg said on Tuesday. Conergy also was due to the crisis in the sector and a corporate restructuring last year, slipped deep into the red numbers, but wants to improve in the current year. While the Board expects a turnover on the previous year will, however, operating profit (EBITDA) after a loss last year, improving to a low positive value. Conergy is for the future, especially in the Asian and North American markets for the industry experts still see growth potential.

Q-Cells announced a trip to the bankruptcy judge on Monday. The company is deeply in debt and still employs about 2,200 people in Germany and Malaysia. From the name itself was initially an opinion to get. According to a union spokesperson, an information event for the staff by management was canceled.

It is unclear what effect the bankruptcy on the future of jobs at the manufacturer, in the Bitterfeld-Wolfen (District Anhalt-Bitterfeld) is established. "We poke powerful in the fog," said a spokeswoman for the trade union IG BCE. "A bankruptcy does not mean automatically that it is the end," she said.

Saxony-Anhalt Reiner Haseloff, Minister (CDU) declared that, pursuant to the bankruptcy are now working on a solution for the future. "Now, the trustee must provide the company with an inventory. On this basis, then set the policy and consider what steps they go, "said a spokesman, Haseloff. An assumption of 580 million euros of debt by the state was not responsible.
After Solar Hybrid, Solar Millennium and Solon, this is the fourth major defeat in the German solar industry. The companies are suffering from funding cuts and a sharp drop in prices. The low-cost competition from China has put the German manufacturers under enormous pressure.


Post a Comment


Twitter Delicious Facebook Digg Stumbleupon Favorites More