A court in the U.S. has approved the sale of Meyer Burger’s machinery and equipment for the production of solar modules to Waaree Solar Americas and solar cells to Babacomari Solar North for a total of approximately $29 million.

The company said this decision was driven by a failure to find an investor for the entire group of companies. It added that it will continue its efforts to sell parts of the group and/or its assets in Switzerland, Germany, and the U.S.

Meyer Burger Technology’s board of directors assessed that there is no possibility of rescuing the entire group of companies or the parent company. The board is seeking to conclude a composition agreement to rule out the possibility of paying a liquidation dividend to shareholders.

The silent debt moratorium granted to three of Meyer Burger’s Swiss companies, solar cell and module manufacturing arm Meyer Burger Technology and its subsidiaries, Meyer Burger Switzerland, and Meyer Burger Research, will continue as a regular provisional debt moratorium.

The company said the board of directors and the management board conducted intensive negotiations over multiple months to rescue the solar technology group, without success.

It attributed the failure to the challenging competitive environment resulting from extensive module imports from China at very low prices, as well as considerable uncertainties regarding the future promotion of renewable energies in both the U.S. and Europe.

In June this year, Meyer Burger Technology announced that its German subsidiaries, Meyer Burger (Industries) and Meyer Burger (Germany), had initiated insolvency proceedings as restructuring efforts were unsuccessful.

In the same month, Meyer Burger and its subsidiaries and debtor affiliates in the U.S. filed for Chapter 11 protection in the Bankruptcy Court for the District of Delaware. The company filed for bankruptcy for its debtor affiliates Meyer Burger (Arizona), Meyer Burger (Americas), Meyer Burger (America) Lease, and solar module manufacturer Goodyear.