Meyer Burger, a Swiss solar panel manufacturer, files for bankruptcy for German subsidiaries

In a Saturday statement, Meyer Burger, a Swiss manufacturer of solar panels filed insolvency proceedings for its German subsidiaries.

Meyer Burger (Industries) GmbH & Meyer Burger (Germany) GmbH have both initiated insolvency procedures, according to the company.

The court will appoint a temporary insolvency administrator.

Meyer Burger AG (Switzerland), which employs 60 people in Thun will continue to operate. Meyer Burger Americas, which closed a U.S. Solar Panel Factory in Arizona on Thursday and fired all 282 workers, will also continue as a business.

Meyer Burger announced last month that it will reduce the hours of about 300 employees in its German plant starting May 1, due to temporary bottlenecks with materials. Bottlenecks at the U.S. plant in Arizona have also led Meyer Burger to make adjustments.

The company's operations across Europe and the United States were unable to compete with products imported at lower prices from Asia.

Meyer Burger said that it also requested a delay in the deadline for presenting its financial results 2024. The current deadline expires this Saturday.

(source: Reuters)