According to an article in PV-Magazine (link) which is a monthly trade publication launched for the international photovoltaics (PV) community; Wafer Norway AS has to file for bankruptcy after the parent company REC ASA stated that it will not provide the necessary funding for a solvent wind-up of operations. In order to avoid filing for bankruptcy, REC ASA, owning 100 percent of the shares, would have to supply the necessary funding. However, it is stated that it did not decide to follow this path, REC Wafer Norway must file for bankruptcy.
How is ASKMORE commenting on the company’s financial goings on (you can see modeFinance Credit report here)? According to the available financial data, MORE Ratings assigned to the company for both 2010 and 2009 financial year is CC (Pathological). The solvency and liquidity indicators are either in Extremely Pathological or No Return levels. Company has mostly financed its assets by short term liabilities which soared regularly. In income statements’ part, in spite of rising sales, increasing total cost have continued to become a burden to the company. Since the financial year 2010, the MORE Ratings have seen company’s worsening situation.
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