FRANKFURT, Dec 8 (Reuters) – Phoenix Solar, once one of Germanys largest solar groups during the sectors heyday, on Friday said it would file for insolvency next week after an unnamed U.S. customer demanded payments that exceed the groups funds.
Following the drawdown of project-related letters of credit in the amount of approximately $8 million by a large customer of Phoenix Solar Inc. … the parent company Phoenix Solar AG is obligated to reimburse the issuing banks immediately under its existing financing agreements, Phoenix Solar said.
Attempts by the companys management to find a solution with the said U.S. customer and the companys banking consortium in Germany have failed, it added.
Shares in the group, which used to be a member …
Read the full article at: https://www.reuters.com/article/phoenix-solar-bankruptcy/phoenix-solar-to-file-for-insolvency-next-week-idUSASM000GUW
