Centrosolar Glas must declare insolvency

17 October 2013

Just in May the glass division of the German PV company Centrosolar Glas was taken over by Belgian competitor Ducatt. Now it seems that talks about future financing have fallen through. It is business as usual though meantime, despite the loom of insolvency.

Centrosolar Glas GmbH & Co. KG filed preliminary insolvency proceedings at the Fürth District Court on Monday. The court has appointed lawyer Daniel Fabian as the preliminary insolvency administrator. "The move came as a surprise to me," reacted CEO Ralf Ballasch when asked by pv magazine.

It was only in May that the solar glass business segment of the company was taken over by Belgian competitors Ducatt NV. Apparently there has been disagreement with Ducatt pertaining to future financing. Hence the only way forward was to the district court even though Ballasch insists that there have been no liquidity problems to date. However this cannot be ruled out for the future.

Meanwile it is business as usual though at the Centrosolar Glas facility, said Ballasch. Orders are being processed and the salaries of the employees have been secured for the next three months via insolvency funding. Initial discussions with the preliminary insolvency administrator have already taken place and Ballasch quotes them as being "very positive". Now the options for the continuation of Centrosolar Glas will be weighed.