Solarworld files for insolvency for the second time in ten months
Only seven and a half months after emerging from insolvency proceedings in August 2017, German PV module producer Solarworld Industries GmbH has filed for insolvency again.
The company blames declining market prices and the impending expiry of the European minimum import price for modules from China for this step. In addition, Solarworld is hurt by the new U.S. import tariff of 30% on solar modules coming from most countries, which President Trump has imposed in the Section 201 trade case; unlike steel and aluminum, solar modules from the European Union are not exempted from the duty.
According to a report by the German news agency dpa, the first insolvency of Solarworld AG in May 2017 has damaged the reputation of the company; talented sales staff switched to the competition.
Solarworld AG had more than 3,000 employees before its insolvency. After the restart as Solarworld Industries GmbH, in which founder Frank Asbeck has a 51% stake and Qatar Solar Technologies the remaining 49%, the number shrank to 600.
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