July 9, 2013 – Gehrlicher Solar AG (GSAG) has filed for preliminary reorganization proceedings at the District Court of Munich on July 5 as an “immediate and direct response” to the termination of a EUR 85-million loan.
“We have been working for the energy revolution since 1994, long before the term came into fashion, because we have always believed in the potential of photovoltaics,” explained founder, owner and CEO Klaus Gehrlicher (photo 2).
Citing the EU-wide introduction of anti-dumping tariffs on Chinese modules and the resulting deterioration of market conditions in Europe, Gehrlicher says it is no longer able to fulfil its business plan upon which the 2-year loan agreement extension had been signed just three months ago.
Management board member and COO, Richard von Hehn (photo 3), urged politicians to act quickly in the trade dispute with China. “Anti-dumping tariffs on modules do not help anyone, not even those who request them, because they destroy jobs throughout the whole PV value chain,” said von Hehn.
GSAG’s independent subsidiaries are not directly affected by the filing, says the company.
Dr. Stefan Parhofer (photo 4), management board member of GSAG and CEO of Gehrlicher Solar America Corp., is optimistic: “We operate completely independent of the German organization and are, therefore, not directly affected by the parent’s filing. Our business partners can rely 100% on us to continue to execute projects to the highest standards.”