According to pv-magazine, Schletter USA, a manufacturer of solar brackets and systems, has filed for bankruptcy one month after its German parent company filed for bankruptcy.
On April 24, Schletter USA filed for bankruptcy. In terms of liabilities and assets, the company reported debts of between $10 million and $50 million and owed more than 300 creditors.
It's unclear exactly what caused the bankruptcy, but there are many possible factors. Recent tariffs on imported steel and aluminum have put pressure on suppliers of racking, mounting and tracking systems manufactured in the United States, but there are also some company-specific issues.
Schletter Inc. The German parent company filed for bankruptcy at the end of March and is currently undergoing restructuring. Schletter's largest debtor is North Carolina-based Coilplus, which is owed $3.8 million. The company also owes $1.2 million to MI Metals and nearly $900,000 to American Express. Under Chapter 11, U.S. companies can reorganize their operations without giving up assets.
But for now Schletter has to complete paperwork. The Schletter petition for Chapter 11 has been ruled insufficient by a North Carolina court, and extensive additional documentation must be provided or his petition will be dismissed.
Source: Polaris Solar Photovoltaic Network
