Swiss solar panel maker Meyer Burger files for insolvency for German subsidiaries

(Reuters) -Swiss solar panel maker Meyer Burger filed for insolvency for its German subsidiaries, the company said in a statement on Saturday.

Meyer Burger's German subsidiaries, Meyer Burger (Industries) GmbH and Meyer Burger (Germany) GmbH, have initiated insolvency proceedings, the company said.

Efforts to keep the German sites open will be continued as part of the proceedings together with a provisional insolvency administrator to be appointed by the court.

Meyer Burger (Switzerland) AG, which employs around 60 people in Thun, will remain in operation and Meyer Burger (Americas), which shut down a U.S. solar panel factory in Arizona and let go all 282 employees on Thursday, will also remain in existence as a company.

Meyer Burger said last month it would cut hours for about 300 employees at its plant in Germany starting on May 1 due to temporary material bottlenecks. The bottlenecks have also led to adjustments at its U.S. facility in Arizona.

The company's operations in Europe and the United States struggled to compete with cheaper products imported from Asia.

Meyer Burger also said on Saturday it had requested an extension of the deadline to present its 2024 financial results. The current deadline expires on Saturday.

(Reporting by Devika Nair in Bengaluru; Editing by Emelia Sithole-Matarise)