Sunways AG has announced that its business operations have ‘largely returned to normal‘ after the appointment of a preliminary insolvency administrator following a third-party application.
The Germany-based PV manufacturer began insolvency proceedings in early May. The preliminary insolvency administrator has the responsibility of verifying reasons for insolvency and to safeguard the assets of the company for the claims of creditors.
Sunways cites the termination of credit lines by two banks as the reason for its woes and associated difficulties of customers and suppliers. It says the appointment of an insolvency administrator largely eliminated restrictions imposed by its earlier filing.
‘We want to use the time ahead and, with the support of all stakeholders, avert insolvency proceedings. In this way, we can reach the best solution for everyone: customers, suppliers, banks, shareholders and employees," says Sunways AG Chairman and CEO Hoong Khoeng Cheong." We aim to align Sunways in the next three months so that we will again be able to generate profits in the future.’