German Solarwatt close to insolvency

(SeeNews) - Jun 11, 2012 - German photovoltaic (PV) module maker Solarwatt AG is on the verge of insolvency as the talks with shareholders over necessary restructuring financing did not lead to result, the company said on Monday.

Because of the failed financing talks, the company is heavily indebted. The management is still in talks to solve the debt problem at least for the short term. Should this not happen soon, Solarwatt will have to file for insolvency.

News about the plan of BMW heir Stefan Quandt to buy Solarwatt emerged about three weeks ago. The takeover was filed with the federal cartel office for approval.

Solarwatt announced today founder and CEO Frank Schneider will leave the company at the end of the year. He will be replaced by sales and marketing executive Detlef Neuhaus. CFO Juergen Bruns is stepping down as of June 30. His successor is Carsten Bovenschen, former CFO of sector company Roth&Rau.

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