Insolvency proceedings have begun for Germany-based photovoltaic manufacturer Sunways AG. On Tuesday, the Konstanz District Court appointed Thorsten Schleich from the law firm Schleich & Thorsten as preliminary insolvency administrator.
In December 2012, Sunways cited difficult market conditions and announced a series of restructuring measures affecting both its solar module and inverter business, including reduced and refocused manufacturing and job cuts.
According to the company, Schleich will evaluate whether Sunways can continue under its new model, and the employees' salaries are secured until July.
