- The module manufacturer files for bankruptcy.
- Accumulated over $70 million debt.
- Blames foreign competition.
Taiwanese solar module manufacturer, Invetec Solar, has filed for bankruptcy at the Taoyuan district court in Taiwan. The company has accumulated about $70.2 million in debt. Invetec, a computer and mobile device supplier which owns 47.65% shares of Invetec Solar shares made the announcement.
In a statement to the Taiwan Stock Exchange, Invetec said, ‘The assets are insufficient to set off its liabilities, the board of directors apply to the court for pronouncement of its bankruptcy.’
In 2020, Invetec Solar asked the Industrial Development Bureau for a one-year extension to repay its loans. The company blames strong foreign competition, trade barriers and the COVID-19 pandemic for its bankruptcy.