News Article
SiC Processing AS fIles for insolvency
The provider for the recovery of used slurry from the photovoltaic and semiconductor industries is following in the footsteps if its sole customer, REC Wafer Norway AS
The management board of SiC Processing AS, the subsidiary of SiC Processing GmbH in Norway, has agreed to petition for insolvency at the district court in Porsgrunn, Norway.
As announced on August 16th, its only customer REC Wafer Norway AS filed for insolvency in the summer of this year. Subsequently, SiC Processing AS has started a solvent winding-up procedure with the consent of its major creditors. Selected creditors have now decided to not maintain their consent, which is required for a solvent winding-up.
Financial consequences for SiC Processing GmbH, its creditors or creditors of its other subsidiaries beyond the cases mentioned in the ad-hoc announcement of 16th August 2012 are currently not foreseen.
With approximately 755 employees worldwide, SiC Processing GmbH is located in 5 countries all over the world with production sites in Germany, China and US and a sales office in Italy. Production sites in Norway were closed down in mid 2012. The founder family holds a 25 percent stake beside the majority shareholder Nordic Capital Fund VII.
As announced on August 16th, its only customer REC Wafer Norway AS filed for insolvency in the summer of this year. Subsequently, SiC Processing AS has started a solvent winding-up procedure with the consent of its major creditors. Selected creditors have now decided to not maintain their consent, which is required for a solvent winding-up.
Financial consequences for SiC Processing GmbH, its creditors or creditors of its other subsidiaries beyond the cases mentioned in the ad-hoc announcement of 16th August 2012 are currently not foreseen.
With approximately 755 employees worldwide, SiC Processing GmbH is located in 5 countries all over the world with production sites in Germany, China and US and a sales office in Italy. Production sites in Norway were closed down in mid 2012. The founder family holds a 25 percent stake beside the majority shareholder Nordic Capital Fund VII.
