Today, the management of Blue Chip Energy GmbH took the decision to file for insolvency proceedings for the company. SOLON had acquired a participation in the Austrian cell manufacturer in 2006 in order to ensure the supply of solar cells which was critical at that time and currently still holds 18.28% of the shares in the company. Following the insolvency of Blue Chip Energy, SOLON will have to make a valuation allowance in the aggregate amount of EUR 18 million, which primarily results from a shareholder loan granted in the past.
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