Suniva Solar Panels Bankruptcy

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.

Suniva solar panels bankruptcy.

But the company filed for bankruptcy protection in april 2017 unable to. Suniva the chinese owned us based solar manufacturer which instigated the section 201 trade case that led to the imposition of 30 tariffs on all imported solar cells and modules has been. But suniva is not. 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.

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. 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. Suniva was founded by georgia tech s ajeet rohatgi and for awhile was a rising star with its high efficiency solar panels. Yesterday the latest company fell victim to a global environment of oversupply and unsustainably low prices.

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 filed for chapter 11 bankruptcy protection last april. Days later it filed a request for tariff relief to help it compete against inexpensive solar panel imports. Shortly after the georgia based solar manufacturer filed a section 201 trade case seeking relief from destructive foreign trade.

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.