German solar manufacturer Solibro is a bankrupt

• Insolvency proceedings started against Solibro, formerly one of the major thin-film PV suppliers in Germany. The creditors couldn’t invest the funds sufficient for the company’s restructuring. As a result, about 180 people will find themselves unemployed.

The Germany-based company, Solibro GmbH, appears unable to provide the amount of money needed to restructure the firm, so the business has to stop operating.

In September of the current year, the local court approved the manufacturer’s request for self-administration proceedings within the framework of reorganization scheme. 

The company’s shareholders didn’t manage to collect the sum of money required, so heads of the firm have canceled their former request. As a result, the solar manufacturer is now undergoing standard bankruptcy proceedings. 

Solibro was among main photovoltaic suppliers of the so-called German ‘Solar Valley’. Four years ago, the enterprise had to shorten workhours due to reduced order volumes as well as growing sanctions by European Union against importing PV products from China.

Back in 2012 Solibro was purchased by the Chinese multinational company Hanergy Holding Group. However, after publications on the German company’s bankruptcy had appeared, Hanergy stated Solibro was no longer its affiliate since 2015 (even though it is still mentioned on the parent company’s official site).

Neither the management’s efforts to sell business nor to find a creditor for paying the company’s borrowings had succeeded. As a result, as many as 170 of the bankrupted company’s 180 staff members are being fired. The ten-person team is still employed till the business is finally liquidated.