The local court in Amberg, Germany, has ordered debtor-in-possession proceedings in accordance with section 270b of the German Insolvency Code (Insolvenzordnung) for SiC Processing GmbH, a Germany-based provider of solar slurry recovery services.
The company's Norwegian subsidiary filed for insolvency earlier this month after its only customer, REC Wafer Norway, filed its own insolvency application during the summer.
For SiC Processing GmbH, the court has appointed Dr. Hubert Ampferl, a partner at Nuremberg, Germany-based law firm Dr. Beck & Partner, preliminary supervisor.
The management of SiC Processing GmbH, together with law firm Ashurst and the financial restructuring experts of the Frankfurt-based investment bank Freitag & Co., will now work on restructuring the company, in partnership with Ampferl. The companies must present a plan to the court within the next three months.
Operations with existing customers are expected to remain unchanged as the insolvency proceedings progress, the company adds.