Taiwanese company Inventec, a provider of notebooks, servers and mobile devices, has announced that solar panel maker Inventec Solar, in which it holds 47.65%, has filed for bankruptcy in Taiwanâs Taoyuan District Court.
“The assets are insufficient to settle its liabilities, the board of directors is seeking the court to declare its bankruptcy,” Inventec said in a statement to the Taiwan Stock Exchange, citing liabilities of TWD 2.2 billion (70.2 million U.S. dollar).
The main reasons for the breakdown of Inventec Solar were blamed on strong competition from foreign solar companies, trade barriers in Europe and the US, and the outbreak of Covid-19.
Inventec Solar applied the Industrial Development Bureau for Claims and liability negotiations in April 2020. She called for the repayment period of her long and short-term loans to be extended by one year.
The solar cell manufacturer E-Ton Solar Tech, another subsidiary of Inventec, closed its solar cell production in Taiwan in 2019 and is now in liquidation.
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