Germany-based photovoltaic firm Gehrlicher Solar has filed for protection under the German bankruptcy laws at the District Court of Munich, against the EU-wide introduction of anti-dumping tariffs on Chinese modules.
This move comes in response to the termination of a €85m loan by a banking consortium, the company said.
The company is unable to fulfill the conditions of the two-year loan agreement extension, due to the introduction of anti-dumping tariffs on Chinese modules.
Gehrlicher Solar noted that its subsidiaries, including Gehrlicher Solar America, are not directly affected by the filing.
Commenting on the move, Gehrlicher Solar founder, owner and CEO Klaus Gehrlicher said that the company has been working for the energy revolution since 1994, as the company trusted the potential of photovoltaics.
Gehrlicher Solar Management Board member and COO Richard von Hehn said, "Anti-dumping tariffs on modules do not help anyone, not even those who request them, because they destroy jobs throughout the whole PV value chain.
"Federal Government and the European 2 Commission must take action and solve the issue at the political level before the summer break, otherwise further damage to the industry will result."