14 Dec '11, 4pm

Solon, German Solar Vendor, Files For Insolvency: 2011 takes with it another casualty of the solar shakeout.

2011 takes with it another casualty of the solar shakeout. Solon, the German company, which makes solar modules and solar power plants, is going to "attempt restructuring via the insolvency court," according to a release. That's roughly the German equivalent of bankruptcy. The firm is carrying more than $500 million in debt and was unable to reach an "amicable solution" with its debtors and investors. In August, we reported that the company shut down its 60-megawatt module manufacturing facility in Tucson, resulting in the loss of around 60 jobs. The firm has about 800 employees, according to Die Welt . Solon joins Solyndra, Evergreen Solar, and SpectraWatt in 2011's bankruptcy pool. ECD looks to join that team in 2012, along with a number of other firms yet to be announced, the victim of plunging prices, overcapacity and a rough economy in an uncertain time for solar poli...

Full article: http://www.greentechmedia.com/articles/read/solon-german-...

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