2011 takes with it another casualty of thesolarshakeout.
Solon, the German company, which makes solar modules and solar power plants, is going to "attempt restructuring via the insolvency court," according to a release. That's roughly the German equivalent of bankruptcy.
The firm is carrying more than $500 million in debt and was unable to reach an "amicable solution" with its debtors and investors.
In August, we reported that the company shut down its 60-megawatt module manufacturing facility in Tucson, resulting in the loss of around 60 jobs. The firm has about 800 employees, according to Die Welt.
Solon joins Solyndra, Evergreen Solar, and SpectraWatt in 2011's bankruptcy pool. ECD looks to join that team in 2012, along with a number of other firms yet to be announced, the victim of plunging prices, overcapacity and a rough economy in an uncertain time for solar policy.
Solon is also the lead investor in Global Solar Energy, a maker of flexible solar panels. The impact the Solon insolvency will have on the firm is uncertain.
Update: The insolvency won't affect the German firm's units in Italy, France and the U.S., according to a report in Bloomberg, which house about 250 of the firm's 800 employees. Furthermore, wages are secured through February, according to the report.
Here is the recent stock price activity for the troubled firm (SOOG.DE) in euros.