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Phoenix Solar AG is forced to file for insolvency
Reimbursement claims exceed financial capabilities.
Following the drawdown of project-related letters of credit in the amount of approximately USD 8 million by a large customer of Phoenix Solar Inc. (the US-subsidiary of Phoenix Solar AG), the parent company Phoenix Solar AG is obligated to reimburse the issuing banks immediately under its existing financing agreements.
Such reimbursement claims exceed the financial capabilities of Phoenix Solar AG, thus resulting in the illiquidity of Phoenix Solar AG and forcing the Executive Board to file for insolvency. Attempts by the Company's management to find a solution with the said US customer and the Company’s banking consortium in Germany have failed.