Late yesterday ET Solar sent a response to pv magazine regarding our coverage of the bankruptcy filing of its U.S. subsidiary ET Solar Inc. The notice sheds further light on the circumstances around the filing, describing the bankruptcy process as part of the optimization of the layout of its North American business.
ET Solar further stated that such a “reorganization and adjustment” has been undertaken to enhance the global brand competitiveness. The company notes that this process expected to last several months, and expects the U.S. module business to continue to serve its customers and partners after this period.
ET Solar was also careful to note that its global downstream business maintains an independent investment structure, operations and business development, and is not affected by the bankruptcy. This includes another U.S.-based subsidiary, ET Capital, which is continuing to develop and construct PV projects, using both ET Solar and third-party modules.
The parent company also notes that the operation of its global PV module production business will be unaffected.