German's Photon enters prelim insolvency proceedings

Jun 11, 2014 - Photon Holding GmbH said on Monday the district court of Aachen, North Rhine-Westphalia province, has opened preliminary insolvency proceedings for the German firm due to tax obligations.

The move does not affect the firm's subsidiaries. More specifically, the assets and operations of Photon's solar power unit -- Photon Power AG; its publishing arm -- Photon Publishing GmbH; and the product test lab -- Photon Laboratory GmbH will remain unaffected by the insolvency, the company said. The list also includes Photon Consulting LLC in which Photon Holding owns 60%.

According to the group, the insolvency procedure is unnecessary as Photon has submitted tax refund claims at almost the same amount as owed, but these have yet to be validated. The tax obligation is undisputed, the firm noted.

The district court of Aachen has appointed Andreas Schmitz as preliminary insolvency administrator. The proceedings were opened on June 4.

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