Berlin-based solar panel manufacturer Solon filed for insolvency, another sign of how brutal price competition is shrinking the industry.
Solon yesterday said it was unsuccessful in restructuring its loans with banks. It will now seek to restructure those loans for three of its subsidiaries through insolvency proceedings.
The move follows the company's decision earlier this year to close its Tucson, Arizona manufacturing operation.
Solon is the latest victim in a wrenching consolidation that's spreading through the global solar industry.