A Tumultuous Future for Meyer Burger: bankruptcy Protection, Restructuring, and a Quest for New Investors
Meyer Burger seeks financial relief through Chapter 11 bankruptcy filing in the United States. - Meyer Burger, solar manufacturer, files for creditor protection in the United States.
Get ready for some major changes at Meyer Burger, the Swiss solar company with a strong presence in Germany. After filing for bankruptcy protection in the US, the company is set for a significant overhaul. The filing, made under "Chapter 11" at Delaware's insolvency court, aims to reshape the company - not to dissolve it.
Insolvency proceedings for the German subsidiaries have already been underway since the beginning of June. Despite this, business has shown signs of improvement,especially in solar module sales, according to a spokesperson for the insolvency administration. As the company moves forward, global consulting firm KPMG has been appointed to locate suitable investors worldwide to better its financial situation. But, this process will take time.
Initially, US sites were expected to boost operations, but they've faced hard times. Meyer Burger halted solar module production in the US, leading to the termination of 282 jobs. The company has grappled with financial strife for some time, feeling the heat from Chinese competitors.
The route to U.S. solar module production initially took shape with solar cells from Bitterfeld-Wolfen in Saxony-Anhalt earmarked for export. But the road ahead has been rocky, leaving estimated US liabilities between $500 million and $1 billion, and assets between $100 million and $500 million.
Meyer Burger, USA, Restructuring, Bankruptcy Protection, Germany, Solar Company, and Delaware are right at the heart of this story. Keep an eye out for updates on this evolving situation.
- Meyer Burger, armed with bankruptcy protection in Delaware, is embarking on a comprehensive restructuring, aiming to reshape its operations not only in the US but also in Germany.
- In an effort to improve its financial situation, global consulting firm KPMG has been appointed to seek potential investors worldwide for Meyer Burger, a process likely to take significant time due to the company's estimated US liabilities between $500 million and $1 billion.
