INSOLVENCY CLIFFHANGER

Qatar Rides to the Rescue of Solarworld

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Just when things looked dark, Solarworld caught a ray of sunshine. Picture source: Reuters.

Qatari investors are negotiating to buy two factories belonging to Solarworld, Europe’s largest maker of solar panels, which filed for insolvency a week ago.

According to industry sources, the insolvency’s administrator, Horst Piepenburg, is in talks with the Qatar Foundation, which owns a 29 percent share of Solarworld through Qatar Solar, to acquire the firm’s solar panel factories in Freudenberg in Saxony and Arnstadt in Thuringia. The plan involves acquiring Solarworld’s land, equipment and existing inventory at the two sites.

Mr. Piepenburg said only that he was in intense negotiations with an undisclosed “investor group,” but he declined to identify them. He added that the talks had advanced far enough that the chances of success were greater than failure. The Qataris and Solarworld founder Frank Asbeck declined to comment.

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