FRANKFURT (Reuters) – Germanys SolarWorld SWVKk.DE, once Europes biggest solar power equipment group, said on Wednesday it would file for insolvency, overwhelmed by Chinese rivals who had long been a thorn in the side of founder and CEO Frank Asbeck, once known as the Sun King.
SolarWorld SWVKk.DE was one of the few German solar power companies to survive a major crisis at the turn of the decade, caused by a glut in production of panels that led prices to fall and peers to collapse, including Q-Cells, Solon and Conergy.
SolarWorld was forced to restructure and avoided insolvency thanks to a debt-for-equity swap and the support of Qatar, which took a 29 percent stake in the group four years ago through Qatar Solar S.P.C.
A renewed wave of…
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