Solon insolvent

pv-magazine: Berlin-based Solon SE is the latest 2011 solar market victim, having announced yesterday evening that it has filed an application for the opening of insolvency proceedings. The company says that despite its efforts over the past few months to financially restructure its operations, which included holding discussions with investors, financial institutions and guarantors, "negotiations on an amicable solution failed".

Reuters: Solon's insolvency filing is likely to be followed by other high-profile German solar company failures, analysts said, as the blood-letting in the global industry intensifies. (...) Solar companies in Europe and the United States have been hit hard by a toxic mix of oversupply, falling prices, low-cost Asian competition and lower government subsidies on which the industry still depends. (...) Swiss bank Sarasin said in a recent study, published before Solon's filing, that Conergy and Q-Cells were among the German solar companies most exposed to the sector's crisis.