Swiss company Meyer Burger has filed for voluntary Chapter 11 bankruptcy relief in the United States, the solar panel manufacturer said in a court filing on Wednesday.
Meyer Burger’s operations in both Europe and the United States have struggled to compete with cheaper products imported from Asia, piling pressure on the company.
Late last month the firm announced it was shutting down its U.S. factory in Arizona due to financial difficulties, and soon afterwards filed for insolvency for its German subsidiaries.
In its U.S. court filing, Meyer Burger listed it had estimated assets worth between $100 million and $500 million and liabilities worth between $500 million and $1 billion.
(Reporting by Gnaneshwar Rajan in Bengaluru)
