The bankruptcy comes as little surprise given that Solar Trust of America (STA) and its subsidiaries had no revenue and operated on funding from Solar Millennium AG (SMAG), which itself filed for insolvency last December.
After SMAG's insolvency, the German administrator "ceased to provide any funding whatsoever", according to the court filing of Edward Kleinschmidt, STA chief restructuring officer.
SMAG's equity interests in STA were to be sold to German PV group Solarhybrid earlier this year.
