August 13, 2013 - SUNSELEX AG in Germany has filed for insolvency on August 1st at the Magistrate Court in Munich, due to a possible loss of liquidity. The core mechanical business unit was unable to operate profitably in the local market. For months there has been an effort to reduce the local workforce, however, due to continued negative market development in realization of projects, the management was forced to pull out of the German market altogether. As interim insolvency administrator the Court selected the experienced legal expert, Dr. Philip Heinke, of JAFFÉ attorneys, specializing in international corporate insolvency law.
International locations and subsidiaries, as well as a local, South African JV, SUNSELEX-Romano Pty Ltd., are not affected by the filing. In partnership with a group of investors, the Swiss sales and distribution office of SUNSELEX in Zurich currently undertakes negotiations with the interim insolvency manager of the German SUNSELEX AG to take over core competencies and assets for the international realignment of the firm. In an alignment with a certified partner network, the firm's main focus lies in emerging solar markets, such as South Africa, the MENA region, Central and South America, and the UK.
SUNSELEX now aligns itself to its new business model during this restructuring process, with support from the interim insolvency manager.