Centrotherm Seeks Bankruptcy Protection as Solar Founders
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Centrotherm Photovoltaics AG, a German solar manufacturing equipment-maker, sought bankruptcy protection, at least the 14th U.S. and European company to founder amid a global oversupply of photovoltaic modules.
The Blaubeuren-based company filed for Chapter 11-type protection in Ulm’s district court to start insolvency proceedings, Centrotherm said in a statement late yesterday. For three months, it will be shielded from creditors while its management tries to restructure, the company said. Centrotherm plummeted as much as 81 percent in Frankfurt today to its lowest level since it started trading in October 2007.