Solar energy firm’s liquidation plan approved by shareholders

Focus Taiwan
Date: 2019/08/30
By: Chang Chien-chung, Jeffery Wu and Frances Huang

Taipei, Aug. 30 (CNA) Green Energy Technology Inc., a Taiwanese financially troubled multicrystalline solar wafer maker, said Friday that the company's liquidation plan has been approved by its shareholders.

Green Energy Technology, a subsidiary of conglomerate Tatung Co., held a special general meeting Friday to allow its shareholders to consider the liquidation plan and vote on it.

The solar energy supplier said that in a fast changing market that has pushed down product prices, its production costs have topped the selling prices, so the company continues to suffer losses and cannot produce cash flow for survival.

Therefore, Green Energy Technology decided to go through liquidation, and after securing approval from shareholders, it will start a liquidation process, while an exact liquidation timetable is pending a decision by the liquidators.    [FULL  STORY]