Latest news with #MeyerBurger
Reuters
25-06-2025
- Business
- Reuters
Swiss solar panel maker Meyer Burger files for US Chapter 11 bankruptcy relief
ZURICH, June 25 (Reuters) - Swiss company Meyer Burger (MBTN.S), opens new tab has filed for voluntary Chapter 11 bankruptcy relief in the United States, the solar panel manufacturer said in a court filing on Wednesday. Meyer Burger's operations in both Europe and the United States have struggled to compete with cheaper products imported from Asia, piling pressure on the company. Late last month the firm announced it was shutting down its U.S. factory in Arizona due to financial difficulties, and soon afterwards filed for insolvency for its German subsidiaries. In its U.S. court filing, Meyer Burger listed it had estimated assets worth between $100 million and $500 million and liabilities worth between $500 million and $1 billion.
Yahoo
02-06-2025
- Business
- Yahoo
Solar panel maker Meyer Burger's German subsidiaries file for insolvency
Swiss solar panel manufacturer Meyer Burger Technology has announced that its German subsidiaries, Meyer Burger (Industries) and Meyer Burger (Germany), have commenced insolvency proceedings. The move comes amidst unsuccessful restructuring efforts to maintain operations at the facilities located in the cities of Bitterfeld-Wolfen and Hohenstein-Ernstthal. The Bitterfeld-Wolfen facility in Saxony-Anhalt employs 331 people in solar cell production. The Hohenstein-Ernstthal in Saxony employs 289 people in mechanical engineering and technology development. Efforts to keep the German facilities operational will continue as part of the insolvency proceedings, in collaboration with a provisional insolvency administrator to be appointed by the court. This development follows a request by the company, based in Thun, Switzerland, for an extension to present its financial results for 2024, against the backdrop of ongoing financing talks aimed at restructuring. Subsidiaries in Switzerland and the US will be retained. Meyer Burger (Switzerland), with 60 employees, will continue its activities, while Meyer Burger (Americas) will exist as a company although it laid off all 282 employees on 29 May 2025 and halted production at its Goodyear, Arizona facility. Solar module production at the Goodyear facility was halted due to funding issues and raw material shortages. The closure of US production, which had an annual capacity of 1.4GW, casts uncertainty on the future of the site. Meyer Burger is still in discussions with an ad hoc group of bondholders regarding the restructuring. This impacts two convertible bonds issued by MBT Systems, guaranteed by Meyer Burger Technology and due in 2027 and 2029. In 2024, Meyer Burger decided to close its solar module production in Freiberg, Germany, from March 2024 in a bid to avoid more losses in Europe. "Solar panel maker Meyer Burger's German subsidiaries file for insolvency" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31-05-2025
- Business
- Yahoo
German subsidiaries of Swiss solar firm Meyer Burger seek insolvency
After years of financial difficulties and, most recently, short-time working, the German subsidiaries of Swiss solar manufacturer Meyer Burger, with a total of around 600 employees, have filed for insolvency. Meyer Burger Industries in Bitterfeld-Wolfen in Saxony-Anhalt employs 331 people in solar cell production. Meyer Burger Germany in Hohenstein-Ernstthal in Saxony currently employs 289 people in mechanical engineering and technology development. Restructuring efforts to keep the sites open have so far been unsuccessful, according to the company based in Thun, Switzerland. "They will now be continued as part of the proceedings together with a provisional insolvency administrator to be appointed by the court," it said in a statement issued on Saturday. The company should have presented its financial results for 2024 by Saturday. Against the backdrop of ongoing financing talks for restructuring, the company has requested an extension. The company's subsidiaries in Switzerland and the United States are to be retained. Just a few days ago, solar module production in the US state of Arizona, which was still in the start-up phase, was discontinued. Production there aimed to use solar cells manufactured in Germany.
Bloomberg
31-05-2025
- Business
- Bloomberg
Meyer Burger to Delay Results as Two Units File for Insolvency
Struggling solar-module manufacturer Meyer Burger Technology AG requested an extension of the deadline to present its 2024 financial results after its German units filed for insolvency proceedings. Efforts to keep the sites open during restructuring negotiations were unsuccessful, the Switzerland-listed company said in a statement on Saturday.
Reuters
31-05-2025
- Business
- Reuters
Swiss solar panel maker Meyer Burger files for insolvency for German subsidiaries
May 31 (Reuters) - Swiss solar panel maker Meyer Burger (MBTN.S), opens new tab filed for insolvency for its German subsidiaries, the company said in a statement on Saturday.
