Three "very serious" companies show interest in Photowatt - report

Jan 10, 2012 - Three "very serious" bidders have shown interest in French solar modules maker Photowatt International, daily La Tribune reported on Tuesday, quoting court sources.
Photowatt was placed under receivership in November. The court in Vienne, western France, has to choose a buyer.
In total, over ten potential buyers have reportedly shown interest in acquiring the company.
All three serious bidders are French specialists. One of them is poised to keep all 442 employees of the troubled firm.
The deadline for submission of bids is January 13. The court will examine the proposals on January 17.
Photowatt's order book is at zero and the company records losses of EUR 3 million (USD 3.8m) a month. Hence, the buyer has to be selected by early February as the firm's cash position does not allow for delays, court representatives comment.
(EUR 1.0 = USD 1.279)

Choose your newsletter by Renewables Now. Join for free!