May 14 (Bloomberg) -- German solar-power company Sovello GmbH filed for insolvency and will attempt to restructure in the process.
Sovello, based in Bitterfeld-Wolfen, cannot pay its debts and has asked the Dessau insolvency court to be allowed to restructure under its management, the company said in a statement on its website today. Attorney Bernd Depping has been appointed as preliminary administrator, the company said.
“We have checked alternative scenarios to regain solvency,” Chief Executive Officer Reiner Beutel said in the statement. “Even if our debts are low, in the current market environment the company can be sustainably restructured with the instruments of the insolvency code.”
German solar companies have struggled with reduced government aid and competition from Chinese companies amid a glut of solar panels. Q-Cells, once the biggest solar-cell maker, along with Solon SE, Solar Millennium AG and Solarhybrid AG all filed for insolvency since December.
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