The company is scheduled to be restructured and negotiations are underway with an investor regarding joining.
“SOLID always strives to find the perfect solar solution for the customer. We rely on more than 25 years of experience and a team of highly qualified employees. With the knowledge and success of more than 300 solar systems implemented worldwide, we are constantly working on Further improvements and innovations.”With our custom-designed products, we provide our customers with renewable energy for heating and cooling. We provide solar thermal solutions with long-lasting quality, technically reliable, profitable and sustainable. The highest level of customer satisfaction is one of the most important values of our company.2
We’re talking about SOLID Solar Energy Systems Company Its headquarters are in Graz. Reorganization procedures were opened without self-management of their assets. 30 employees and about 80 creditors were affected.
“The company was founded in 2019 as a rescue company for the bankrupt SOLID Gesellschaft für Solarinstallationen und Design mbH. As part of the takeover, projects, trademark rights, etc. were taken over and, in particular, the workforce was taken over. The portfolio was later expanded to include planning and construction of large-scale photovoltaic systems, says AKV. Recently, the company has implemented projects in Europe and the USA, such as the largest open space solar thermal system in Austria in Mürzzuschlag at the end of September 2023. The company has interests in several subsidiaries in Europe, Asia and the USA. United States of America.
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Reasons for bankruptcy
“With regard to the causes of economic difficulties, special reference is made to projects in the United States of America in which huge construction cost overruns occurred. In Europe, orders for large parts of the company were postponed. This had negative effects on the company.” Liquidity has led Now to bankruptcy. He continues. “It is striking that in 2022 a positive operating result can only be achieved by reversing the provisions. In 2023, it appears that significant value adjustments will become necessary, with claims for damages.” Referred by customers. In addition, it may not be possible to return some financing to subsidiaries.
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Debts and assets
the Commitments It amounts to 4,487 million euros, of which about 2 million euros belong to bank liabilities and about 1.15 million euros to suppliers; The remainder is attributable to employees, tax obligations, fees, and other things. The company also funded itself through crowdfunding, as this was subordinated debt He must act. Size: 1.274 million euros, This is an amount that is not included in the above-mentioned obligations. the Origins Up to 171,100 euros.
“Aim for one continuation For the company, apparently with one Investor It is likely that the negotiations have already reached an advanced stage. This potential investor must provide a declaration of liability for any ongoing losses up to an amount of €150,000, and must also be provided with appropriate liquid funds to continue operations.A restructuring plan should then be drawn up with creditors This stipulates a share of 20 percent within two years. Here also it is said that the potential investor has expressed his willingness in principle to finance the share of the restructuring plan.
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