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Austria: Greiner’s Takeover involves Negotiations with 470 Creditors

Submitted by Baerbel Epp on March 30, 2011

 Solution head office in Sattledt, Austria” Greiner´s takeover of the three Austrian solar thermal companies Xolar, Sun Master and Solution does not proceed as expected. In its first press release at the end of January 2011, Greiner Technology & Innovation GmbH - the subsidiary which is to integrate the three solar companies - announced that only OEM collector manufacturer Sun Master will go through insolvency proceedings. Two weeks later, the Greiner group launched a press release to announce that also wholesaler and installation company Xolar GmbH opened restructuring talks supervised by a liquidator. And another four weeks later on 11 March, solar system integrator SOLution, with its head office in Sattledt, Austria (see photo), went into insolvency, too – this time without a press release from Greiner.
Photo: Solution

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