REC ASA to File for Insolvency of Norway Solar Wafer Unit

Renewable Energy News 
Renewable Energy Corp. ASA, a solar- energy group grappling with falling demand, will stop funding its Norwegian solar-wafer division and plans to file for the insolvency of the unit after shutting down all production. REC Wafer Norway AS’s liabilities exceeded its assets by about 1.2 billion kroner ($203 million) at the end of July, making a solvent winding-up of the unit dependent on more money from REC, the Sandvika, Norway-based group said in a statement today. Costs related to the bankruptcy are expected to be about 400 million kroner, the company said. (...) The bankruptcy of REC Wafer Norway won’t affect REC’s solar and silicon units, it said today. (...) REC, whose shares have slumped 99 percent since listing six years ago, fell as much as 1.3 percent and traded 0.8 percent lower at 1.928 kroner as of 10:27 a.m. in Oslo.