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Investing.com -- Swiss solar panel maker Meyer Burger (SIX:MBTN) has filed for voluntary Chapter 11 bankruptcy relief in the United States, according to a court filing made Wednesday.
The company has faced mounting challenges competing with cheaper solar panels imported from Asia, affecting both its European and American operations.
In the court documents, Meyer Burger reported estimated assets between $100 million and $500 million, while its liabilities range between $500 million and $1 billion.
This bankruptcy filing follows the company’s announcement in late May that it would close its Arizona factory due to financial problems. Shortly after that decision, Meyer Burger also filed for insolvency for its German subsidiaries.
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