Solon: Investor process opened
The insolvent Berlin-based solar module producer Solon has opened its investor process. While this process is on-going, the provisional insolvency advisor, Rüdiger Wienberg, is keeping the commercial operations of Solon active. All new Solon clients are promised additional reassurances concerning the guarantee and warranty obligations for Solon’s products.
As announced by Wienberg today, the due diligence checks of the company’s books by a handful of potential investors have already begun. All potential investors are encouraged to enter their binding bids before the end of the month. “Solon can offer a strong and well-established brand and a professional and effective sales network”, the provisional insolvency advisor emphasizes. “I am optimistic that we will find a strong partner for Solon who is ready to invest in the future.”
The commercial operations of the insolvent company are kept running by Wienberg. Solon’s employees have received their December salaries by pre-financing the insolvency money. The insolvency money also guarantees payment of salaries and wages for the months of January and February 2012. The pre-financing of the insolvency money has already been arranged. No redundancies were necessary. “Solon’s people are naturally affected by the on-going insolvency proceedings, but their morale is high and we are cooperating excellently”, Wienberg stresses.
Solon’s products will continue to be sold as usual; the company’s suppliers have also begun to supply Solon again. Retail clients who have ordered standard photovoltaic modules from Solon after 1 January 2012 are given additional reassurance: should Solon find itself unable to fulfil its statutory warranty obligations or its own guarantees, a renowned international producer of solar modules has already agreed to step into the gap and cover all of these obligations in full.