Privately-held Schletter Inc. (D/B/A: Schletter, Schletter Incorporated, Schletter Solar Mounting Systems, Schletter Metal Works) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of North Carolina, case number 18-40169. The Company is based in Shelby, NC and headed by Russell Schmit, President and C.E.O. Schletter Inc. is represented in bankruptcy proceedings by Hillary Crabtree of Moore & Van Allen PLLC.
A press release states, “The Schletter group, one of the world’s leading manufacturers of photovoltaic mounting systems, is reorganizing its business in the U.S. The U.S. subsidiary Schletter Inc has filed for Chapter 11 proceedings in order to sort out its current financial situation. Business activities are to be continued in close cooperation with clients and creditors. Filing Chapter 11 proceedings at our U.S. subsidiary does not mean that we as a group are withdrawing from the U.S. market,” the group’s CEO Tom Graf commented. “North America remains an important and growing market for our brand and we will continue to have a strong presence there.”
The Company further explains, “The current financial situation in the U.S. is primarily the result of launching a new product before it was ready for high volume production, combined with the effect of the solar tariffs. The U.S. subsidiary, Schletter Inc., under its previous management overextended itself by acquiring a number of large scale projects involving a new product (G-Max), which it had solely developed in and for the U.S. The cost of carrying through these projects was significantly higher than planned due to the premature launch of the new product. It is this considerable financial burden which ultimately made this step necessary.”
In documents filed with the Court,the Company cites estimated assets and liabilities at $10 to $50 million, with up to 1,000 estimated creditors.
Read more Schletter bankruptcy news.
The post Schletter Bankrupt appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.