Gehrlicher Solar, a German photovoltaic company, has submitted a protection plea to the District Court of Munich under German bankruptcy laws.
The preliminary reorganisation proceedings filed by the company is said to be driven by cancellation of its €85m credit facility by its bank consortium.
The solar company has further blamed the introduction of anti-dumping tariffs across European Union on Chinese modules, stating that the punitive charges have hit the solar market.
Gehrlicher had recently sought for a 2-year loan agreement extension to fuel its expansion plans.
Commenting on the move, Gehrlicher management board member and COO Richard von Hehn has urged government to conclude the trade dispute with China at the earliest.
"Anti-dumping tariffs on modules do not help anyone, not even those who request them, because they destroy jobs throughout the whole PV value chain," said von Hehn.
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By GlobalData"Federal Government and the European 2 Commission must take action and solve the issue at the political level before the summer break, otherwise further damage to the industry will result."
Munich-based law firm Müller-Heydenreich Beutler & Kollegen said that most of the company operations pose a viable business opportunity.
Müller-Heydenreich Beutler & Kollegen preliminary administrator Oliver Schartl noted: "The company has an excellent reputation in the market, large technological know-how, about 200 MW of Operations & Maintenance under contract and is very well positioned the US, which has become one of the most important markets in PV."
However, the company’s subsidiaries including Gehrlicher Solar America (GSAC) and sister firm Gehrlicher Solar Management will not have an impact with the filing.
