Pending Decision on Launching Procedures Regarding the Assistance
Heads Up: German Subsidiaries of Solar Manufacturer Meyer Burger are Shutting Down
The German branches of Swiss solar power giant Meyer Burger are in hot water. Yep, that's right – after a stack of financial problems and some recent short-time work, they've filed for insolvency. A whopping 600 employees are going to be affected by this move.
Based in sunny Saxony-Anhalt, Meyer Burger Industries cranks out solar cells in Bitterfeld-Wolfen. With 331 workers on its books, you'd think they'd be on a roll, but no dice. Over in Hohenstein-Ernstthal, Saucy Saxony, Meyer Burger Germany is employing 289 folks in mechanical engineering and tech development.
Alright, so what happened to sink these solar powerhouses? Well, a restructure was on the cards, but it just didn't work out, and the powers that be down in Thun, Switzerland announced it. "We've been bashing our heads against a wall," they said, "but these efforts will now continue in the insolvency proceedings with a court-appointed preliminary administrator."
Originally, Meyer Burger was slated to drop its 2024 financials by May 31, but given the restructure negotiations, they've requested an extension. The Swiss and US operations are still in the green, though just a smidgen of bad news – their sunny solar module production in Arizona was nixed a few days back. That plant was using solar cells prodced in Germany, but funding and material issues saw all staff laid off.
The U.S. entity, Meyer Burger (Americas) Ltd., is still kicking, but without a crew. Over in Switzerland, though, the parent company, Meyer Burger (Switzerland) AG in Thun, holds down the fort with about 60 employees. It's business as usual for them, for now.
So, where to from here? Well, the restructure continues, and Meyer Burger is still deep in discussion with the bondholders about finding a viable path forward. The insolvency proceedings will be overseen by a court-appointed provisional administrator to ensure everything is buttoned up tight. Here's hoping for a ray of sunshine in the German solar scene soon!
Sources:1. Business Standard2. Reuters5. Deutsche Welle
Economic and social policy discussions may intensify due to the insolvency proceedings of Meyer Burger's German subsidiaries, which could potentially impact the industry, finance, and business sectors. A possible restructure of the company could involve negotiations with bondholders, aiming to find a financially viable solution for the solar manufacturer.
