Photon insolvency proceedings start
A German court has opened preliminary insolvency proceedings for Photon Holding, the parent company of Photon Publishing, which produces several solar magazines and websites.
Photon stresses that it did not request the move by the district court in the western city of Aachen and believes that it was unnecessary.
"A preliminary insolvency administrator was appointed due to a tax obligation to the tax office of Aachen," the company says.
The tax bill is undisputed. However, Photon Holding has submitted tax refund claims approximately equal to the amount owed, but these have not yet been validated.
The court has appointed attorney Andreas Schmitz as preliminary insolvency administrator.
Assets and operations of subsidiary companies are not affected by the court's decision, Photon says.
Photon Holding subsidiaries include an outfit that builds solar parks and a product test laboratory. It also owns 60% of a consulting unit.
Photon Publishing was founded after the insolvency of Photon Europe in late 2012, taking over its media activities.