Bankruptcy for Martifer Solar USA

Portugal’s Martifer Solar has filed for Chapter 11 bankruptcy protection for its US subsidiary, claiming that the unit’s problem is not the volume of its debts but rather their repayment schedule.

Martifer Solar, among the most globally active providers of EPC and O&M work to the PV industry, says that despite the move it continues to view the American market as “strategic”.

Other Martifer Solar subsidiaries are not affected.

The decision to file for bankruptcy protection was reached following “failed negotiations” with an unnamed creditor.

Martifer Solar USA “has sufficient assets to meet its obligations to third parties” but needs to adjust its repayment schedule, the company explains.

Chapter 11, which buys companies temporary protection from their creditors while they reorganise their businesses, was “the most effective procedure to ensure Log in to read complete article.

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