Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Austrian solar cell manufacturer Blue Chip Energy has become insolvent and has released all of its 110 employees at full pay.
The company, which has been producing highly efficient solar panels at a single plant in Güssing, Burgenland has stopped the production only after three years of activity. The rather unexpected insolvency is due to the company's liabilities amounting to EUR 78.1 million.
The company had been initially financed by credits from several banks as well as investments of the federal state, the province of Burgenland and the EU. Blue Chip Energy's German co-owner company Solon itself is experiencing major economic difficulties at the moment.
Eurofound (2011), Blue Chip Energy, Bankruptcy in Austria, factsheet number 72209, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72209.