News Article
SiC Processing AS announces insolvency
The management board of SiC Processing AS, the subsidiary of SiC Processing GmbH in Norway, has resolved to petition for insolvency at the district court in Porsgrunn / Norway.
As announced on August 16, its only customer REC Wafer Norway AS has filed for insolvency in summer of this year. Subsequently, SiC Processing AS has started a solvent winding-up procedure with the consent of its major creditors. Selected creditors have now decided to not maintain their consent, which is required for a solvent winding-up.
Financial consequences for SiC Processing GmbH, its creditors or creditors of its other subsidiaries beyond the cases mentioned in the ad-hoc announcement of 16 August 2012 are currently not foreseen.