Meyer Burger: Swiss Solar Pioneer's $29M U.S. Liquidation

Meyer Burger (Holding) Corp. and three affiliated entities filed for chapter 11 bankruptcy protection on June 25, 2025, in the United States Bankruptcy Court for the District of Delaware. Less than 90 days later, the company completed the sale of substantially all assets to Waaree Solar Americas Inc. for $18.5 million. The filing, under case number 25-11217-CTG before Judge Craig T. Goldblatt, lists liabilities estimated between $500 million and $1 billion and assets between $100 million and $500 million.

The Swiss parent, Meyer Burger Technology AG (SWX: MBTN), pioneered heterojunction solar cell technology with efficiency levels reaching 24.33%. The company shut down its Arizona solar factory on May 29, 2025, terminating all 282 remaining employees. Waaree Solar Americas Inc. acquired the company's module production equipment for $18.5 million, while Babacomari Solar North, LLC—a DESRI entity—obtained solar cell equipment through a $10.18 million credit bid.

Company Background and Technology

Founded in 1953 as a manufacturer of equipment for Swiss watchmakers, Meyer Burger entered photovoltaics with the establishment of Pasan SA in 1983 and completed an IPO on the Swiss Exchange in 2006. Over the following decade, the company became a supplier of solar manufacturing equipment, selling production machinery to cell and module manufacturers worldwide. In the late 2010s, Meyer Burger shifted from an equipment supplier to a direct cell and module manufacturer.

The company's technological foundation centered on heterojunction (HJT) solar cell technology, which combines crystalline silicon and thin-film approaches to achieve efficiency levels between 22% and 26%—higher than conventional PERC and TOPCon technologies. HJT manufacturing requires only 4 process steps compared to 10 or more for competing technologies, while offering a superior temperature coefficient of -0.24% per degree Celsius that reduces power loss in high-temperature environments. According to Fortune Business Insights, the global HJT solar cell market was valued at $3.30 billion in 2024 and is projected to grow to $7.95 billion by 2032, with the U.S. market alone expected to reach $1.64 billion. The technology is expected to capture 15% of global solar market share by 2030.

Meyer Burger's U.S. operations centered on a 276,000-square-foot module production facility in Goodyear, Arizona, with an adjacent 218,451-square-foot warehouse. The facility was designed for 2.1 gigawatts of annual capacity, later revised to a 1.4 GW target, and represented the only HJT manufacturing operation in the United States. The business case relied heavily on Section 45X Advanced Manufacturing Production Credits under the Inflation Reduction Act. According to C2ES analysis, Section 45X has catalyzed $48.3 billion in battery manufacturing investments and generated approximately 62,700 jobs as of June 2025.

Beyond Arizona, Meyer Burger planned a 2.23 GW solar cell production facility in Colorado Springs that would have enabled fully integrated domestic manufacturing of both cells and modules. The Colorado project would have eliminated dependence on imported solar cells, given that the U.S. currently lacks operational facilities for converting polysilicon into solar wafers and cells. However, the Colorado project was discontinued due to financing failure and cost overruns at the Goodyear facility.

The DESRI Contract Termination

A key event occurred on November 14, 2024, when D.E. Shaw Renewable Investments (DESRI) terminated its Master Module Supply Agreement with immediate effect. This five-year deal, originally signed in 2022, committed DESRI to purchase up to 5 GW of solar modules, with a binding minimum of 3.75 GW from the Arizona facility for delivery between 2024 and 2029. Renewables Now characterized DESRI as Meyer Burger's largest customer, and the termination led the company to question its ability to continue as a going concern.

DESRI cited Meyer Burger's failure to meet critical production milestones specified in the agreement, including the "RUP Start Date" and "OP Start Date" requirements. The contract termination came shortly after Meyer Burger cancelled its Colorado cell production facility. The customer prepayment exposure created creditor claims: DESRI prepayments totaled $35.5 million, Ingka (IKEA parent) had advanced $67 million, and combined prepayment obligations exceeded $102.5 million. These prepayments represented customer advances for modules that would never be delivered, creating unsecured claims in the bankruptcy proceeding.

The DESRI dispute extended into bankruptcy on multiple fronts. DESRI entities claimed a perfected security interest in approximately 8.33 MW of solar panel modules, securing a $5 million advance and other obligations, and asserted unsecured claims exceeding $22 million for breaches under the supply agreement. This dispute was resolved through a global settlement approved on September 29, 2025. Under the settlement, DESRI acquired the disputed modules through a $4.84 million credit bid plus $275,000 in cash, waiving all remaining claims in exchange for mutual releases.

Operational Failures and Production Shortfalls

Meyer Burger faced a series of operational setbacks that prevented the Arizona facility from achieving profitability. Initial design flaws in the production lines required six months of redesign and equipment modifications before manufacturing could begin. Global supply chain disruptions further delayed construction, with equipment damaged during international shipping causing additional complications. The Arizona facility never achieved projected 2024 or 2025 production volumes, operating at only partial capacity with one of two production lines in ramp-up status. Reaching full production would have required an additional $80 million in capital expenditures, commissioning costs, and ramp-up expenses—capital that was not available.

Leadership changes added to the operational challenges. CEO Gunter Erfurt resigned in September 2024 after nearly nine years with the company, criticizing European politicians in Berlin and Brussels for failing to protect the domestic solar manufacturing industry and warning of Europe's "100% dependence on China" in the solar sector. Chairman Franz Richter assumed management responsibilities, but the leadership transition occurred as the DESRI contract termination approached and financing options narrowed.

Bridge Financing and Financing Efforts

On December 6, 2024, Meyer Burger secured a $39.48 million bridge loan facility from a consortium including Highbridge Capital, LMR Partners, System 2 Capital, Walleye Capital, and Whitebox Advisors. The facility was extended and increased to $59.5 million in January 2025, with maturity pushed to February 14, 2025. The bridge financing was designed to provide liquidity for restructuring negotiations with DESRI and bondholders while the company explored strategic alternatives. As PV Tech reported, the board ultimately concluded "there is no longer any realistic chance of rescuing the entire group."

Meyer Burger did not secure permanent financing. A potential Goldman Sachs loan facility never closed because prospective lenders were hesitant to extend credit to a company that no longer maintained an operating business and whose prepetition secured creditors held liens on substantially all assets. Those prepetition lenders opposed any attempt to prime their liens, and potential new lenders were unwilling to pursue non-consensual priming DIP financing. Government loan applications were deemed unfeasible given the company's operational status and uncertain timeline for achieving profitability.

Global Insolvency Proceedings

The U.S. bankruptcy filing followed insolvency proceedings across Meyer Burger's European operations. On May 31, 2025, German subsidiaries filed for insolvency, affecting Meyer Burger (Industries) GmbH in Thalheim with 331 employees and Meyer Burger (Germany) GmbH in Hohenstein-Ernstthal with 289 employees. The German insolvency followed an earlier solar module plant shutdown in Saxony in March 2024, when approximately 500 employees received termination notices after Finance Minister Christian Lindner rejected a proposed "resilience bonus." Meyer Burger cited "grave market distortion" from Chinese competitors as the primary reason for the German closures.

The parent company, Meyer Burger Technology AG, entered a Swiss debt moratorium. According to SwissInfo, the Oberland Regional Court in Bern canton approved a definitive debt-restructuring moratorium running six months from December 1, 2025 through June 1, 2026. The company faces delisting from the SIX stock exchange on January 14, 2026. Combined with the 282 Arizona workers, total global layoffs exceeded 900 employees across the United States, Germany, and Switzerland.

U.S. Chapter 11 Filing and DIP Financing

The U.S. chapter 11 petitions, filed on June 25, 2025, covered four debtor entities: Meyer Burger (Holding) Corp. (Lead Case 25-11217), Meyer Burger (Arizona) LLC (Case 25-11218), Meyer Burger (Americas) Ltd. (Case 25-11219), and Meyer Burger (Americas) Lease Co., LLC (Case 25-11220). The debtors entered bankruptcy with only $435,000 in cash on hand.

The company secured $23.26 million in debtor-in-possession (DIP) financing to fund the wind-down and asset sale process. The DIP facility, with GLAS USA LLC serving as administrative and collateral agent, carried these terms: 16% PIK interest rate, 4% upfront fee, 4% exit fee, and a roll-up of $14.05 million of prepetition secured debt. The final DIP order, entered July 17, 2025, included the roll-up structure that effectively provided existing lenders with superpriority treatment for a portion of their prepetition claims.

Asset Sale Process

Jefferies LLC conducted a marketing process, contacting 91 potential parties. This resulted in 30 confidentiality agreements and 7 non-binding indications of interest by July 23, 2025. By the August 8 bid deadline, only 2 full bids and 3 partial bids were received—and neither full bid initially qualified under the bidding procedures. After deadline extensions and continued negotiations, Waaree Solar Americas Inc. submitted a revised qualified bid on September 3, 2025. Because the Waaree and Babacomari bids did not overlap—covering different asset categories—the planned August 25 auction was cancelled and both parties were declared successful bidders.

Waaree Solar Americas Inc. acquired substantially all debtor assets (excluding DESRI Solar Cells) for $18.5 million in cash plus assumed liabilities. The buyer is a wholly-owned subsidiary of Waaree Energies Ltd., India's largest solar module manufacturer. Waaree's U.S. operations include a solar module manufacturing facility in Brookshire, Texas that commenced commercial production in January 2025 with 1.6 GW capacity, with plans to reach 5 GW by fiscal 2027. Waaree's total U.S. investment exceeds $1 billion, including a December 2025 investment of $30 million in United Solar Holding Inc. for polysilicon supply chain security.

Babacomari Solar North, LLC—a DESRI entity—acquired the DESRI Solar Cells through a $10.18 million credit bid. Separate private sales disposed of residential solar panels: BayWa r.e. Solar Systems LLC acquired approximately 9 MW for $1.3 million, and Guided Path Ventures LLC acquired approximately 32 MW for $1.3 million. The Goodyear facility lease was rejected, and remaining property was abandoned to the landlord.

Key Case Timeline

Employment Impact and WARN Act Litigation

On May 29, 2025, the company terminated 282 employees at the Arizona facility. Combined with the 620-plus employees affected by the German insolvency proceedings and approximately 45 Swiss employees, total global job losses exceeded 900 workers. Franz Richter and COO Daniel Menzel were retained as consultants to support the wind-down and sale process rather than as employees.

A class action, Gilbert v. Meyer Burger (Americas) Ltd. et al., alleges that the debtors violated the Worker Adjustment and Retraining Notification (WARN) Act by failing to provide the required 60 days' advance written notice before the layoff at the Goodyear facility. The court certified the class on November 20, 2025. The class includes approximately 400 employees who worked at or reported to the Goodyear facility (1685 S. Litchfield Road, Goodyear, Arizona) and were terminated without cause on or about May 28, 2025, or within 90 days thereafter. Plaintiffs are represented by Raisner Roupinian LLP and LOIZIDES, P.A. If plaintiffs prevail, the resulting claims would likely receive administrative priority treatment, potentially reducing distributions available to general unsecured creditors.

U.S. Solar Manufacturing Context

According to SEIA data, U.S. module production capacity has grown from 8 GW pre-IRA to 60.3 GW by November 2025—a 650% increase—with total announced investment of $36.6 billion and over 50,100 manufacturing jobs created or planned. Canary Media reports that if all announced plans materialize, U.S. capacity could reach 139.5 GW by 2027. China's production capacity exceeds one terawatt annually—more than 25 times the current U.S. level—and margins remain below historical averages due to record-low global pricing.

The Commerce Department's circumvention determination found that companies were routing solar panel production through Southeast Asian nations including Cambodia, Vietnam, Malaysia, and Thailand to avoid China tariffs. Waaree acquired the Arizona equipment, and it operates a Texas facility with announced expansion plans.

Frequently Asked Questions

What caused Meyer Burger's bankruptcy?

Multiple factors converged: the DESRI contract termination eliminated substantially all projected revenue; production line design flaws and supply chain disruptions prevented the Arizona facility from achieving profitability; the Colorado cell plant was cancelled due to financing failure; and bridge financing did not lead to a long-term financing solution. The company entered chapter 11 with only $435,000 in cash.

What happened to Meyer Burger's employees?

The company terminated 282 employees at the Arizona facility on May 29, 2025. Combined with 620+ employees affected by German subsidiary insolvencies and approximately 45 Swiss employees, total global job losses exceeded 900 workers. A WARN Act class action with approximately 400 class members alleges that Arizona employees did not receive the required 60-day advance notice.

Who acquired Meyer Burger's assets?

Waaree Solar Americas Inc.—a subsidiary of India's largest solar manufacturer—acquired substantially all debtor assets for $18.5 million. Babacomari Solar North, LLC (a DESRI entity) acquired solar cell equipment through a $10.18 million credit bid. Private sales disposed of approximately 41 MW of residential panels for $2.6 million combined.

What is heterojunction (HJT) solar technology?

Heterojunction technology combines crystalline silicon and thin-film solar approaches to achieve efficiency levels between 22% and 26%—higher than conventional PERC and TOPCon technologies. HJT manufacturing requires only 4 process steps compared to 10 or more for competing technologies, with a superior temperature coefficient that reduces power loss. Meyer Burger's Arizona facility was the only HJT manufacturer in the United States.

Will Waaree continue HJT production in the United States?

Waaree operates a 1.6 GW solar manufacturing facility in Brookshire, Texas, with plans to expand to 5 GW by fiscal 2027. The acquisition included Meyer Burger's U.S. manufacturing equipment.

What happened to Meyer Burger's European operations?

German subsidiaries filed for insolvency on May 31, 2025, affecting Meyer Burger (Industries) GmbH in Thalheim and Meyer Burger (Germany) GmbH in Hohenstein-Ernstthal. An earlier Saxony plant shutdown in March 2024 eliminated approximately 500 positions. The Swiss parent company, Meyer Burger Technology AG, entered a debt moratorium through June 1, 2026, and faces delisting from the SIX stock exchange.

What was the DESRI Master Module Supply Agreement?

DESRI committed to purchase up to 5 GW of solar modules from Meyer Burger's Arizona facility, with a binding minimum of 3.75 GW, for delivery between 2024 and 2029. DESRI terminated the agreement with immediate effect on November 14, 2024, citing Meyer Burger's failure to meet production milestones. DESRI had provided $35.5 million in prepayments under the agreement.

How much DIP financing did Meyer Burger obtain?

The company secured $23.26 million in debtor-in-possession financing with these terms: 16% PIK interest, 4% upfront fee, and 4% exit fee. The DIP included a roll-up of $14.05 million in prepetition secured debt.

How long did the chapter 11 case take?

The case moved rapidly from filing to asset sales. Meyer Burger filed on June 25, 2025; bidding procedures were approved on July 18; the August 25 auction was cancelled when no overlapping bids emerged; winning bidders were declared on September 3; and the sale order was entered on September 22, 2025. The entire process from filing to sale completion took less than 90 days.

What is the current status of the case?

As of late 2025, the asset sales have been completed, with Waaree and DESRI acquiring substantially all assets. The DESRI global settlement was approved on September 29, 2025. The WARN Act class action remains pending with class certification granted November 20, 2025. Wind-down activities continue under CRO Justin D. Pugh's supervision.

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