SAN DIEGO--(BUSINESS WIRE)--Siliken Manufacturing, USA, Inc., and its wholly-owned subsidiary, Siliken USA, Inc. (together, the “Siliken Companies”) today filed concurrent petitions for relief under chapter 11 of the Bankruptcy Code. The petitions were filed in the United States Bankruptcy Court for the Southern District of California. The Siliken Companies are represented by Cooley, LLP (Ali Mojdehi and Janet Gertz), general bankruptcy counsel to the Companies. The Siliken Companies are dedicated to the development, sale, and marketing of PV solar energy products.
“We believe that utilizing the protections of chapter 11 of the Bankruptcy Code will serve the interests of the Siliken Companies’ creditors and other constituencies to the greatest extent possible and that the assets of the Siliken Companies’ estates are maximized to provide for the maximum possible return”
“It has become increasingly clear that the Siliken Companies will not have the capital resources they need to move forward with their business strategy due to the continued weak U.S. economy, along with an environment of continued downward price pressures for PV solar energy products and the lack of outside investment sources. In light of these challenges, and with the authorization of their respective boards of directors, the Siliken Companies have filed petitions for relief under Chapter 11 of the Bankruptcy Code in order to best maximize value for their creditors,” said Scott Sporrer, Vice President and General Manager of Siliken USA.
In October 2012, the Siliken Companies engaged Richard M Kipperman of Corporate Management, Inc. as Chief Restructuring Officer. With the assistance of Mr. Kipperman, the Siliken Companies have been evaluating their restructuring options and have concluded that seeking protection under the Bankruptcy Code was the best means of providing value to their constituents. “We believe that utilizing the protections of chapter 11 of the Bankruptcy Code will serve the interests of the Siliken Companies’ creditors and other constituencies to the greatest extent possible and that the assets of the Siliken Companies’ estates are maximized to provide for the maximum possible return,” commented Mr. Kipperman.
In an effort to reduce costs, the Siliken Companies have eliminated the balance of their workforce over the past year. The Companies will seek to monetize the remaining inventory and equipment during the chapter 11 proceedings and to equitably distribute the proceeds.
More about the Siliken Companies
Siliken Manufacturing USA, Inc. is a wholly-owned subsidiary of Siliken, S.A., Valencia, Spain, which has itself sought relief from creditors and is pursuing restructuring alternatives under the laws of Spain. The Siliken Companies are part of the Siliken Group, which develops solutions for the renewable energy industry, especially in the area of photovoltaic solar energy. It manufactures and distributes photovoltaic modules and components. The Siliken Group has module production plants in Spain and Romania, next to its own purification plant for solar-grade silicon in Spain. The cases are styled, In re Siliken Manufacturing, USA, Inc., Case No. 13-00119-11 and In re Siliken USA, Inc., Case No. 13-00120-11, which are pending in the United States Bankruptcy Court for the Southern District of California. For additional information about the reorganization please go to: http://www.omnimgt.com/SilikenManufacturingUSA, or send an email to firstname.lastname@example.org