Largest US Solar Panel Maker Files for Bankruptcy
"The company once hailed as Europe’s largest solar panel producer filed for bankruptcy Wednesday, blaming cheap Chinese panels for flooding the market.
“The ongoing price erosion and the development of the business” has left the company “over-indebted and thus obliged to file for insolvency proceedings,” SolarWorld, which is also the largest U.S. solar panel maker, said in a statement.
The filing comes after SolarWorld was forced to lay off employees earlier this year.
The company employs around 3,000 people, including 800 in Hillsboro, Oregon, and was one of the few German-based solar companies to survive a recent market downturn.
SolarWorld is only the latest bankrupt solar company to blame the Chinese.
U.S.-based Suniva Inc. filed for bankruptcy in April, also citing stiff competition from Chinese solar panel makers.
...SolarWorld has gotten a whopping $115 million in federal and state grants and tax subsidies since 2012, according to the Union-backed group Good Jobs First.
And that’s on top of the nearly $91 million in federal loan guarantees the company got during that time..."