BERLIN (AP) German solar panel maker SolarWorld AG has filed
for insolvency, citing the effect of falling prices in the
industry.
The company said late Wednesday its management had concluded that
“due to the ongoing price erosion and the development of the
business, the company no longer has a positive going concern
prognosis.”
It added that the firm is “over-indebted” and therefore obliged
to launch insolvency proceedings. The company filed for
insolvency Thursday at a court in Bonn, where it is
headquartered.
Solar panel makers in Europe have long struggled with tough
competition from manufacturers in China in particular.
SolarWorld says it h…
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