Solon: Microsol makes binding offer
The insolvency administrator of the solar module manufacturer Solon, Rüdiger Wienberg from the law office hww wienberg wilhelm, has found a buyer for the operational business of the insolvent company group. The solar company Microsol made a binding offer today. Microsol promised to keep 433 of 471 employees as well as the location in Berlin.
After weeks of negotiations between Wienberg and Microsol, the Indian company undertook today by notarial deed to acquire nearly the entire business operations of the Solon group. The offer only needs to be accepted by the insolvency administrator by 5 March for the sales contract to take effect. For legal reasons based on insolvency law, the insolvency administrator is not able to sell the operational business before insolvency proceedings have been instituted. The proceedings were instituted this morning, while the German Federal Cartel Authority (Bundeskartellamt) has already given its approval for the takeover. The parties agreed not to disclose the acquisition price.
“The fact that we managed to find a buyer for Solon in such a short time and in the difficult industry environment, is a great success”, Rüdiger Wienberg emphasises after the notarial certification of the Microsol offer has taken place. “This is even more true because the insolvency money that is paid to the employees expired at the end of February and business can only be continued once the insolvency proceedings have been instituted, if Microsol takes over the company. I am particularly pleased that, given the sale to Microsol, nearly all the jobs will be saved.”
Microsol intends to take over Solon SE’s business operations at the Berlin-Adlershof location. This also includes the research and development department as well as the central responsibilities for the other companies, such as procurement and sales and marketing. Microsol is thus setting a positive example in an otherwise difficult industry environment. As such, 311 of the 326 jobs in Berlin will be saved. In addition, Microsol wants to acquire the production plant of Solon Photovoltaik GmbH at the Berlin-Adlershof location with 122 of 125 employees as well as the Italian and US subsidiaries Solon S.p.A. with 177 employees and Solon Corp. with 58 employees. The business of Solon Nord GmbH in Greifswald will not be continued, meaning the remaining 18 employees of Solon Nord GmbH will be let go. For the French Solon subsidiary Solon SAS (10 employees) Wienberg will continue to search for an investor.
The German companies within the Solon group had filed for insolvency in mid-December 2011. Since that time, the interim insolvency administrator Rüdiger Wienberg, a partner in the law office hww wienberg wilhelm, has been managing business operations and rapidly initiated a global search for investors to enable the speedy sale of the badly ailing company.