Germany-based solar manufacturer Solarwatt AG says its restructuring plan has been approved by a local court and its insolvency proceedings have been withdrawn.
‘With the repeal of the insolvency proceedings, the company has successfully overcome the biggest challenge in its almost 20-year history and is now active again on the market as a completely restructured company,’ says CEO Detlef Neuhaus. ‘Now we can get back to concentrating 100 percent on our business.’
The restructuring plan includes new agreements with employees and creditors, as well as a reduction of the number of board members. Frank Schneider and Ulrich Link will be leaving the company in December, Solarwatt says.
Additionally, the company plans to shift from being a module manufacturer to being a solar systems manufacturer. Module production shifts will be reduced, and new product launches, including an energy management portal, are anticipated by the end of the year.