Gehrlicher Solar confirms insolvency
German based Gehrlicher Solar has confirmed that it applied for insolvency last week as reported in some media outlets. The company stated that it mad eth decision after an 85 million euro loan investment announced in May was cancelled by banks. The company has stated that the decision to do this was not taken lightly and will not affect the USA operations or the finance arm of the company.
Company management have been reported as saying that the banking consortium pulled the plug on the loan investment due to uncertain financial conditions in Europe following the EC decision to impose punitive duties on Chinese manufacturers. The move is another blow to the German solar industry already reeling after Conergy announced bankruptcy last week.
Despite the news the company continues to post positive news about upcoming projects and strategic developments around the world. Gehrlicher employed 400 people in its heyday and intends to restructure itself through the crisis. They have called for the EU and EC to settle disputes with Chinese companies to ensure no more damage is done to the German industry.
