Hanergy’s Solibro unit reportedly set to file for insolvency
Aug 22, 2019 11:08 PM ET
- Solibro will probably file for insolvency this month, according to German media reports. However, the company has yet to publicly confirm the matter.
Solibro GmbH, a German subsidiary of Chinese thin-film PV manufacturer Hanergy, will likely file for insolvency in the coming days, according to the Mitteldeutsche Zeitung newspaper. The management of the CIGS photovoltaic manufacturer informed its workforce about the plan by email on Wednesday, the Halle-based daily has reported.
The company’s 221 employees, who have apparently been in the dark about the company’s future for the past several weeks, are now ready to fight the matter. Its labor union and the IG Metall trade union have already sought legal advice, Mitteldeutsche Zeitung said.
Solibro is hardly a stranger to controversy. Hanergy acquired the CIGS thin-film module manufacturer from Q Cells in 2012. But by 2015, Solibro had already started to cut back staff hours in response to weak orders. According to its own data from last year, Solibro has an annual production capacity of just 145 MW.
The company has not responded to pv magazine’s requests to confirm that it will file for insolvency.
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