Taiwanese company Inventec, a supplier of laptops, servers and mobile devices, announced that solar module maker Inventec Solar, in which it has a 47.65% stake, has filed for bankruptcy with the district court from Taoyuan to Taiwan.
“Assets are insufficient to offset debts, board asks court to declare bankruptcy,” Inventec said in a statement to the Taiwan Stock Exchange, citing liabilities of TWD 2.2 billion ( $ 70.2 million).
The company blamed stiff competition from foreign solar companies, trade barriers in Europe and the United States, and the Covid-19 outbreak as the main reasons for Inventec Solar’s collapse.
Solar Inventec applied to the Industrial Development Office for complaints liability negotiations in April 2020. It requested a one-year extension of the repayment term of its long and short-term loans.
Solar cell maker E-Ton Solar Tech, another subsidiary of Inventec, closed its solar cell production facility in Taiwan in 2019 and is currently in liquidation.
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