Suniva Solar Panels Bankruptcy

But the company filed for bankruptcy protection in april 2017 unable to.

Suniva solar panels bankruptcy.

Suniva filed for chapter 11 bankruptcy protection last april. The company s financial troubles appear to be quite serious as it reports assets of 10 50 million but ten times that many liabilities. Suniva has filed voluntarily for chapter 11 bankruptcy two weeks after laying off 131 employees without notice and closing its 200 mw module factory in michigan. Norcross georgia based suniva filed for chapter 11 bankruptcy in april 2017.

Todd duncan suniva the norcross based builder of solar cells and modules has filed for voluntary chapter 11 bankruptcy according to documents filed with the u s. Georgia based panel manufacturer suniva which also had a plant in michigan but was chinese owned declared bankruptcy in april and then filed a section 201 petition with the itc. Suniva was founded by georgia tech s ajeet rohatgi and for awhile was a rising star with its high efficiency solar panels. The letter explained that if a chinese solar manufacturer purchased the 51 million of equipment sqn financed for suniva and valued at 55 million then the case would end.

But suniva is not. In early may shortly after suniva announced its bankruptcy the company sent a letter to the china chamber of commerce for import export of machinery electronic products according to bloomberg. Yesterday the latest company fell victim to a global environment of oversupply and unsustainably low prices. The bankruptcy by suniva one of the nation s largest solar cell makers comes only weeks after the company laid off most of its workers at its gwinnett county headquarters and manufacturing plant.

Shortly after the georgia based solar manufacturer filed a section 201 trade case seeking relief from destructive foreign trade. Pv cell and module maker suniva.