After filing for insolvency in May, German solar panel manufacturer SolarWorld AG has been through a rough couple of months. Now, however, a turn of events might keep the company in business and save 500 jobs, as all involved parties agreed to sell and transfer SolarWorld to its CEO Frank Asbeck.

Earlier this year, on May 11, German solar panel manufacturer SolarWorld AG announced that they would be filing for insolvency. “Due to the ongoing price erosion and the development of the business,“ the company’s statement read, “the company no longer has a positive going concern prognosis.“ As a result, the future was uncertain for the 3,300 employees of SolarWorld all around the globe, with 500 of them looking unemployment directly in the eye.

CEO expressed interest in taking over two German sites

While the company’s insolvency administrator made it his goal to keep the production up and running as best possible and fought to find ways to do so, another solution presented itself: Over the past few days, SolarWorld’s CEO Frank Asbeck expressed his interest in taking over two German production sites, Freiberg and Arnstadt.

CEO’s purchase might save company

This turn of events brings back hope. Last week, an agreement was reached between the investor and insolvency administrator and, following it, SolarWorlds creditors have accepted the sale and transfer of Solar World’s assets to Asbeck – with a 99% majority.

The first step will consist of establishing a transfer company for the remaining staff at those two sites, an estimated 1,200 employees. The transfer of the assets to Asbeck will also help in maintaining the 500 most endangered jobs, creating a safe future for the concerned employees.

Asbeck’s new company will also take over the shares of SolarWorld AG in SolarWorld Africa (Pty) Ltd., SolarWorld Asia Pacific PTE Ltd., SolarWorld France S.A.S. and SolarWorld Japan KK.