Swiss solar panel maker Meyer Burger files for US Chapter 11 bankruptcy relief
Meyer Burger's operations in both Europe and the United States have struggled to compete with cheaper products imported from Asia, piling pressure on the company.
Late last month the firm announced it was shutting down its U.S. factory in Arizona due to financial difficulties, and soon afterwards filed for insolvency for its German subsidiaries.
In its U.S. court filing, Meyer Burger listed it had estimated assets worth between $100 million and $500 million and liabilities worth between $500 million and $1 billion.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
11 minutes ago
- Reuters
US crude production to hit record 13.41 million bpd in 2025, EIA says
NEW YORK, Aug 12 (Reuters) - U.S. crude production will reach a record 13.41 million barrels per day in 2025 before declining in 2026, the Energy Information Administration forecasted on Tuesday in a monthly report. The decline in 2026 production to 13.28 million bpd would be the first drop in U.S. output since 2021, the EIA data showed.
Reuters
11 minutes ago
- Reuters
Albemarle says Chile lithium plant operating normally after incident last week
SANTIAGO, Aug 12 (Reuters) - Albemarle's (ALB.N), opens new tab La Negra lithium processing plant in Chile is operating normally after an "incident" last week, the company told Reuters on Tuesday, after a local lawmaker said authorities had opened an investigation. There were no injuries and sales of the metal used to make lithium-ion batteries are not expected to be affected, Albemarle said, without providing additional details. It was not immediately clear if operations had temporarily shut down last week. Albemarle gave no more details of the incident. Jaime Araya, who represents the Antofagasta region where the plant is located in the Chilean Congress' lower house, the Chamber of Deputies, last week sent a letter to Chile's mining regulator and labor office requesting an inspection of the site after receiving a complaint that a pipe containing acid had burst. Araya on Tuesday told Reuters he was informed that the labor inspector's office had opened an investigation. A source familiar with Albemarle's operations said such probes are standard procedure and that the plant is operating normally. A second source added that the problem affected only one tank. A union leader for plant workers, Elias Torres, said he could not comment because an investigation was underway. The labor inspector's office said it could not provide information because the matter was under review. Albemarle's shares were down slightly in Tuesday midday trading to $80.14. Charlotte, North Carolina-based Albemarle on Monday said its Chief Operating Officer Netha Johnson will leave the company as part of a management reorganization. Johnson's exit is not connected to the Chilean incident, a source told Reuters.
Reuters
11 minutes ago
- Reuters
India's Apollo Hospitals to double AI investments, beats profit estimate
HYDERABAD, Aug 12 (Reuters) - India's Apollo Hospitals Enterprise ( opens new tab plans to double its investment in artificial intelligence capabilities over the next two to three years, its CEO said, after the company beat first-quarter profit estimates on higher patient volume. The hospital chain already uses AI tools in diagnosis to read X-rays, scan reports and also in endoscopy - a medical procedure to examine the inside of the body using a camera, CEO Madhu Sasidhar told Reuters on Tuesday. Many large private hospital chains in India, like their western counterparts, are investing in AI capabilities to improve patient diagnosis and decisions related to medical procedures, among others uses. Apollo recently developed technology to read existing scan reports and predict the risk of liver fibrosis in the future, Sasidhar said. "We are also bringing some other new generation agentic AI-type tools," he said. He did not quantify the size of Apollo's existing investment in AI. Apollo, headquartered in the south Indian city of Chennai, partnered with Microsoft (MSFT.O), opens new tab earlier this year to develop AI-based tools to be used in healthcare. Some of them are in early stages of testing, Sasidhar said. Indian hospital chains such as Apollo and Manipal have also been increasing their bed count for a larger share of the market, including through acquisitions of smaller hospital operators. Apollo said it is on track to add 4,370 beds over the next 3-4 years through acquisition, new hospitals and expansion of existing facilities. Its overall bed capacity is currently more than 10,000. The company's consolidated net profit rose 41.8% to 4.33 billion rupees ($49.40 million) for April-June, beating estimates of 3.86 billion rupees, according to data compiled by LSEG. While its overall occupancy rate dipped from last year, in-patient volume grew 3% and average revenue per in-patient increased by 9%, according to Apollo. Quarterly total revenue rose 15% to 58.42 billion rupees, beating estimates of 57.44 billion rupees. The company said it expects double-digit revenue growth for the current financial year. ($1 = 87.6520 Indian rupees)
