Friday, March 2, 2012

Scheuten Solar files for suspension of payment for certain entities

THE NETHERLANDS: Scheuten Solar operates in the fast growing and dynamic solar photovoltaic (PV) market environment. Dramatic oversupply of standard PV modules in the European market during the last 12 to 18 months has led to a price fall of more than 50%. As a result, margins have been under tremendous pressure for a prolonged period.

Due to this market situation, and the large negative financial impact of several onerous supply contracts in its portfolio, Scheuten Solar’s financial situation has weakened despite continuous cost reduction measures. From the middle of last year, the company has made serious efforts to attract investments from another PV company to live through this very difficult period in the industry. Unfortunately in the end, these negotiations did not succeed.

Because of all these unfortunate developments, Scheuten Solar is now entering into a situation where it can no longer serve its creditors. As a consequence, Scheuten Solar filed today for suspension of payment for certain solar entities.

The activities of Scheuten Glass are completely separate and will therefore continue unaffected.

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