Swiss solar manufacturer Meyer Burger has recently made headlines after filing for voluntary Chapter 11 bankruptcy relief in the US, following insolvency proceedings in Germany earlier this month. This move comes as a result of the company’s financial struggles, with assets estimated between $100 million and $500 million, and liabilities between $500 million and $1 billion.
One of Meyer Burger’s largest creditors with unsecured claims is US Customs and Border Protection, owed $5.1 million in unpaid import duties. The company’s Arizona solar factory was shut down, leading to the termination of all employees due to a lack of funding. The Goodyear facility was still in its ramp-up phase with a planned annual production capacity of 1.4 gigawatts before operations were halted.
In addition to the US bankruptcy filing, Meyer Burger’s subsidiaries in Germany have also filed for insolvency proceedings. Subsidiaries in Hohenstein-Ernstthal and Bitterfeld-Wolfen have laid off employees, while the Swiss and American branches will continue operations. The company is currently engaged in financing discussions for debt restructuring, with bondholders involved in the process.
Meyer Burger has faced challenges in recent years, particularly from competition with cheaper Chinese solar imports. The company previously cut around 20% of its workforce in 2024, despite plans for US expansion. In December, Meyer Burger secured bridge financing of nearly $40 million to stay afloat, but the funds have since been depleted.
As the company navigates these financial difficulties, it remains unclear what the future holds for its factories in eastern Germany. Meyer Burger has expressed intentions to share more information as it becomes available. Stay tuned for updates on this evolving situation in the solar manufacturing industry.
