SolarWorld Cannot Pay Debts, Will File for Insolvency

HILLSBORO, OR — Years-long efforts to establish Oregon as a leading producer of solar technologies may be hampered by a recent announcement by SolarWorld AG, the Germany-based solar equipment manufacturer that maintains its U.S. headquarters in Hillsboro.

According to a statement released Wednesday, May 10, SolarWorld can no longer pay its debts and will file for insolvency. In the statement the company cited Chinese solar companies that undermine anti-price dumping measures established by the European Union and U.S. as its reasoning for being unable to sustain production.

From the SolarWorld statement:

"Prices for solar cells and modules have decreased dramatically since the middle of last year. Instead of an expected market stabilization, prospects have now also deteriorated for the coming months. In view of this development, the strategic measures taken at the beginning of the year are not sufficient to maintain the going-concern premise confirmed again in March. In this context, the Board of Management will immediately file an application for insolvency with the appropriate District Court (Insolvency Court) in Germany."

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