Calyxo GmbH Applies for Insolvency and Insolvency Administrator Looks at Options

After CdTe solar module and turnkey solar system producer Calyxo GmbH applied for insolvency in Thalheim, Germany, Dr. Lucas F. Flöther with legal firm Flöther and Wissing, became company’s provisional insolvency administrator. Flöther released a statement that business operations will continue, and reported that he is currently exploring options including restructuring.

The announcement cited the cancellation of a major order as the reason for the solar module manufacturer’s current financial troubles. Flöther and his team notified the 155 employees of Calyxo that the bankruptcy money has secured their wages and salaries until the end of June.

Flöther Hopes to Maintain Business Operations and Keep As Many Calyxo Jobs as Possible

“The application for insolvency has no impact on the day-to-day business operations,” said Flöther in the translated statement. “The goal is to maintain business operations and as many jobs as possible,” he added.

The insolvency administrator is also looking at whether or not the company should refuse to finish the performance of short-term contracts. Flöther intends to use this period to commence a restructuring of the business as much as possible. “Calyxo is a core competitive company, but in a very difficult market environment,” added Flöther. “Whether a refurbishment is possible, will show in the context of a closer examination in the next few months.”

It is not clear what impact if any the insolvency and potential restructuring would have on Calyxo’s American parent company Solar Fields.