Solar Millennium Begins Bankruptcy Proceedings, Lays Off Remaining Staff

Posted by SI Staff on February 28, 2012 No Comments
Categories : New & Noteworthy

Erlangen, Germany-based solar project developer Solar Millennium AG, which announced insolvency last December, has begun insolvency proceedings in a local German court.

The company plans to continue to search for investors, adding that its appointed insolvency administrator still sees takeover opportunities for the Flagsol GmbH subsidiary in Cologne, Germany, and some of its Spanish power plant projects, particularly in Arenales.

Investors also remain interested in taking over Solar Millennium AG as a whole, the company claims. However, the company believes its chances of a successful complete takeover are ‘highly uncertain.’

In response, the firm laid off its remaining personnel, totaling approximately 40 employees, earlier this week.

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