Solarworld Files for Insolvency as Panel Price Wars Dent Profit

Pioneer European solar panel maker Solarworld AG is filing for insolvency, over-burdened by debt and what it said is the lack of a “positive outlook as a going concern” amid a sustained assault on prices in the module market.

Bonn-based Solarworld, employing about 3,030 people and led by Chief Executive Officer Frank Asbeck since its beginnings in 1988, will file for bankruptcy immediately, according to a May 10 statement. Even as its market value dwindled to a fraction of what it was last year, the panel maker said as recently as the end of March that it would return to ...