-International subsidiaries are not affected -SUNSELEX Group in restructuring process
Munich, 13. August 2013. SUNSELEX AG in Germany has filed for insolvency on August 1st at the Magistrate Court in Munich, due to a possible loss of liquidity. The German firm is among the most experienced in international project planning and realization of solar parks and reacts to the desolate solar PV market situation in Germany. The core mechanical business unit was unable to operate profitably in the local market. For months there has been an effort to drastically reduce the local workforce, however, due to continued negative market development in realization of projects, the management was forced to pull out of the German market altogether. As interim insolvency administrator the Court selected the experienced legal expert, Dr. Philip Heinke, of JAFF╔ attorneys, specializing in international corporate insolvency law.
International locations and subsidiaries, as well as a local, South African JV, SUNSELEX- ROMANO PTY Ltd., are not affected by the filing. They are the core focus in the new, international direction taken by the SUNSELEX group. In partnership with a group of investors, the Swiss sales and distribution office of SUNSELEX in Zurich currently undertakes negotiations with the interim insolvency manager of the German SUNSELEX AG to take over core competencies and assets for the international realignment of the firm. In an alignment with a certified partner network, the firm's main focus lies in emerging solar markets, such as South Africa, the MENA region, Central and South America, and the UK.
Since its foundation in 2007, the company was built around the installation of solar plants and has an installed capacity of 1.2 GWp. Knowledge in engineering, project realization and steering, as well as consultation for solar park development are additional core competencies by SUNSELEX key personnel and already in strong demand internationally.
Earlier this year, during the Intersolar conference in Munich, SUNSELEX Group successfully presented its competence in modularity for the segments of planning and engineering, global supervision and realization of mechanical and electrical installation, as well as O&M and monitoring. With a long-term perspective and an international focus, SUNSELEX now aligns itself to its new business model during this restructuring process, with support from the interim insolvency manager.
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