SOLON's investment Blue Chip Energy GmbH will file for insolvency

(PresseBox) ( Berlin, )
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.

Due to the difficult market situation and the persistent slack demand, the financial situation of Blue Chip Energy became increasingly tense. Despite intensive talks with the financing banks, it was not possible to the very last to find a solution. Consequently, there is no longer a basis for the continued existence of the company.
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