The Schletter group’s subsidiary, Schletter Inc, based in North Carolina has voluntarily filed for Chapter 11 bankruptcy.
Schletter, once known as one of the world’s leading manufacturers of photovoltaic mounting systems, said it is reorganizing its U.S. business.
The company blames this situation on the fact that company management “overextended itself by acquiring a number of large-scale projects involving a new product (G-Max), which it had solely developed in and for the U.S.”
Adding that “the cost of carrying through these projects was significantly higher than planned due to the premature launch of the new product.”
The Chapter 11 proceedings will give the company time to sort out its current financial situation.
The company says it will continue business activities in close cooperation with clients and creditors.