Meyer Burger Seeks Chapter 11 Protection Amid Restructuring Efforts

The Swiss solar manufacturer Meyer Burger is actively pursuing a restructuring strategy to secure its future in light of ongoing financial challenges. In a significant move, the company has filed for Chapter 11 bankruptcy protection in the United States, a decision confirmed through court documents submitted to the Delaware bankruptcy court.

Meyer Burger's request for Chapter 11 status comes as its subsidiaries in Germany are already undergoing preliminary insolvency proceedings. Despite the difficult circumstances, the company has reported that operations have intensified compared to pre-bankruptcy levels, with a successful sales campaign for solar modules underway.

To facilitate its restructuring, Meyer Burger has engaged the international consulting firm KPMG to identify and approach potential investors worldwide. However, this process is expected to take time as the company navigates its financial recovery.

Previously, Meyer Burger aimed to establish a robust manufacturing presence in the United States, including plans to export solar cells from its facilities in Bitterfeld-Wolfen, Germany. Unfortunately, the company halted production in the U.S. earlier this month, leading to the layoff of approximately 282 employees.

Financial estimates reveal that Meyer Burger's liabilities in the U.S. range between $500 million and $1 billion, while its assets are valued at approximately $100 million to $500 million. The company has faced increasing competition from lower-cost producers in China, which has contributed to its ongoing struggles.

As Meyer Burger works through this challenging period, it remains focused on restructuring rather than liquidation, with the goal of emerging as a more competitive player in the global solar market.