14 Aug '12, 8am
REC has decided to cease further funding of solar wafer subsidiary
REC has decided to cease further funding of solar wafer subsidiary Press release, August 14; Jackie Chang, DIGITIMES [Tuesday 14 August 2012] REC ASA has decided to cease further funding of its solar wafer subsidiary, REC Wafer Norway AS. Consequently there is no basis for a solvent winding-up of the company and the Board of REC Wafer Norway AS has resolved to file for bankruptcy. During 2011 and 2012 the production of REC Wafer Norway in Glomfjord and at Heroya was permanently closed down. Activities were initiated to wind-up the company. As of end of July 2012, REC Wafer Norway's estimated carrying value of liabilities exceeded the estimated value of assets by about NOK1.2 billion (US$202 million). Thus a solvent winding-up of the company would be dependent on continued funding from REC, owner of 100% of the shares in REC Wafer Norway. REC Wafer Norway has previously bee...