Hedge fund-backed investment firm—takes over Schletter

Schletter announced that it has reached agreements with new shareholders and strong financing partners enabling it to complete its financial reorganization.

The North Carolina based subsidiary, Schletter Inc, voluntarily filed for Chapter 11 bankruptcy earlier this year.

Once known as one of the world’s leading manufacturers of photovoltaic mounting systems, Schletter said it is reorganizing its U.S. business.

The new owners are an investment company, Golden Square Capital, which is backed by New York-based Avenue Capital Group, a private equity firm and hedge fund.

As part of the reorganization, which has been approved by the creditors’ committee, new capital totaling double-digit millions of euros will be made available for investments in product development and the further development of its markets in Asia and North America.

The current management remains involved with a minority stake which the new shareholder will maintain the entire group including all companies and locations.

Around 90 of the current 230 employees at the headquarters in Kirchdorf, Bavaria will be fired.

More Stories From Around the Web: