Horst Piepenburg preliminary insolvency administrator of SolarWorld affiliated companies
• Quickly familiarizing with the current situation of the company
• Maintaining business operations smoothly
• Safeguarding wages and salaries for the coming three months
Today, the local court of Bonn, Germany, as the competent court of insolvency, appointed the renowned restructuring expert Horst Piepenburg of the Piepenburg-Gerling law firm as preliminary insolvency administrator of SolarWorld AG and its affiliated companies SolarWorld Industries Sachsen GmbH, SolarWorld Industries Thüringen GmbH, SolarWorld Industries Deutschland GmbH and SolarWorld Innovations GmbH.
On May 11, 2017, the Management Board of Germany’s biggest solar manufacturer filed for insolvency proceedings due to over-indebtedness. The management of the affiliated companies mentioned above filed for insolvency proceedings on May 12, 2017.
“Together with my team, I will quickly familiarize myself with the current situation of the company,” Mr. Piepenburg said. The preliminary administrator has already contacted the managing directors of the affiliated companies as well as the employee representatives and has informed employees about the current status of the proceedings at a staff meeting in Bonn.
Furthermore, the preliminary administrator will arrange to safeguard wages and salaries for May, June and July 2017 through pre-financing through an insolvency allowance. According to Mr. Piepenburg, it is now of major importance to maintain business operations as smoothly as possible.
Dr.-Ing. E. h. Frank Asbeck, CEO of SolarWorld AG, said, “We will provide thorough and prompt assistance to the preliminary insolvency administrator.”
The SolarWorld group has about 3,000 employees worldwide, about 250 of which work in the group headquarters in Bonn. The revenue of the solar power technology group totaled over € 800 million in 2016.
At the site in Freiberg, Saxony, SolarWorld employs about 1,260 people and 33 trainees. In Arnstadt, Thuringia, there are 735 employees and seven trainees.
SolarWorld manufactures and sells high-tech solar power solutions and, in doing so, contributes to a cleaner energy supply worldwide. The group, headquartered in Bonn, Germany, operates facilities in Freiberg, Germany; Arnstadt, Germany; and Hillsboro, Oregon, USA, as well as in a joint venture with Qatar Solar Technologies. From raw material silicon to solar wafers, cells and modules, SolarWorld manages all stages of production ‒ including research and development in its own company, SolarWorld Innovations.
Through an international distribution network with locations in Europe, USA, Singapore, Japan, South Africa and Qatar, SolarWorld supplies customers all over the world. SolarWorld was founded in 1998 and has been publicly traded on the stock market since 1999. More information at www.solarworld.com
About Piepenburg-Gerling law firm
The law firm was founded in 2001. As an insolvency or bankruptcy administrator, attorney Horst Piepenburg has supervised and supported about 2,000 mandates in the past 30 years. Furthermore, he was active as self-administrative manager at, for example, Babcock Borsig or the mail service PIN.
Between 1999 and 2013, Piepenburg was chairman of the Insolvency Law and Financial Restructuring Working Group at the German Lawyers' Association. For many years, he has been a member of the Gravenbruch Circle, the association of Germany’s leading insolvency administrators and restructuring experts.
thomas SCHULZ, tsc.komm
Phone: +49 (0) 171 86 86 482