Another solar panel company has filed for bankruptcy this year following several years of disappointing returns and global competition.

The Scottsdale-based manufacturer was forced to file for Chapter 11 bankruptcy this month, affecting hundreds of workers and leaving one manufacturing plant completely idle. The company listed three primary reasons for its bankruptcy filing this month: a decrease in investment financing, the price drop of photovoltaic solar panels and the failure to obtain a $1 billion federal loan.

According to the bankruptcy documents, the company has $50 million to $100 million in liabilities and $1 million to $10 million in assets. Unable to compete with other solar panel companies that have cut manufacturing costs, the company is prepared to do what it can to save itself while under Chapter 11 bankruptcy protection.

Are you considering Chapter 11 bankruptcy? If so, don't hesitate to contact the Malaise Law Firm so you can discuss your business' finances with an experienced Houston bankruptcy lawyer from our team.