SolarWorld files for insolvency proceedings

Factory of Solarworld in Arnstadt, Thuringia
SolarWorld has lost the fight against the Chinese competition and has filed for insolvency proceedings – Image: SolarWorld

SolarWorld AG has announced that it will file for insolvency proceedings immediately, due to over-indebtedness.

The insolvency will affect polysilicon new entrant Qatar Solar Technologies (QSTec): Its affiliate Qatar Solar holds a 29% stake in SolarWorld, which in turn has a 29% share in QSTec. SolarWorld was obviously meant to become an important customer for QSTec.

The insolvency will also affect U.S.-based polysilicon manufacturer Hemlock Semiconductor, which is suing SolarWorld for violating a long-term supply contract.

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