Martifer USA files for bankruptcy
Portugese based company Martifer Solar has announced that the USA subsidiary Martifer Solar USA has been declared bankrupt.
Martifer owns 55% of the share capital of the USA group and confirmed that, following failed negotiations for settlement with a creditor, Martifer Solar USA, Inc. has voluntary initiated a reorganization process, namely by submission of an application under Chapter 11 of the U.S. Bankruptcy Code. Martifer Solar USA, Inc understands this to be the most effective procedure to ensure the ordinary course of its activity and that the reorganization plan preserves the interest of all creditors and stakeholders.
The company stated that Martifer Solar USA, has sufficient assets to meet its obligations to third parties, and therefore there is a mere need of maturity adjustment with those debts. Martifer Solar will continue to consider the US market as a strategic goal.
Martifer Solar has reported on its results of 9 months of 2013 a turnover of EUR 231.8 million, EBITDA of EUR 12.0 million and Net Income of 200 thousand euros.
Martifer understands that this event only concerns the company Martifer Solar USA, Inc..
