German solar module manufacturer Soluxtec has filed for insolvency proceedings with the Bitburg District Court on Wednesday.
The court appointed attorney Jakob Joeres of auditing and consulting firm dhpg as provisional insolvency administrator. He will work with the solar module manufacturer’s management to stabilize operations.
“Immediately after the provisional insolvency proceedings were ordered, I will first gain a comprehensive overview of the financial situation. At the same time, I will immediately begin discussions with management and potential investors,” said Joeres.
The insolvency proceedings affect 70 employees at the company, which has manufactured solar modules at its German facilities in Bitburg and Föhren for 15 years. Employee wages are secured for three months through insolvency benefits. Staff were informed about the process during an internal meeting.
The company said it plans to restructure through standard insolvency proceedings. It aims to continue supplying customers with solar modules and preserve jobs.
“Discussions with potential investors have already begun, and we hope to bring them to a successful conclusion soon,” said Tim Leukert, managing director of Soluxtec.
Intense international competition and sharply declining module prices continue to pressure photovoltaic manufacturers in Germany and across Europe. Several competitors have already exited the market, while growing demand has so far created only limited niche opportunities for European suppliers.
