PV group Sovello stares into the abyss as buyer fails to appear

Sovello will cease production and shed nearly every remaining employee on its roster – about 500 in total – after failing to secure a takeover bid in time, the bankrupt German solar module producer has confirmed.

The company’s position has deteriorated dramatically since late July, when Sovello said it was in advanced talks with a potential Asian buyer and indicated that by laying off half its workforce it may be able to staunch its losses.

Sovello filed for bankruptcy in May, and initially requested to self-administer its insolvency proceedings. However, that request was rejected several weeks ago by the German state of Saxony-Anhalt and Lucas Flöther, an outsider, was brought in to initiate a liquidation process.

Chief executive and former chairman Reiner Beutel, who had expressed optimism Log in to read complete article.

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