Germany's Solar Millennium Seeks Ch. 15 Protection

Law360, Wilmington (June 5, 2012, 3:52 PM EDT) -- Insolvent German solar developer Solar Millennium AG entered Chapter 15 bankruptcy in Delaware on Monday to guard against U.S. lawsuits and ensure it can oversee the auction of its bankrupt U.S. subsidiaries' assets.

Solar Millennium filed for insolvency protection in Germany on Dec. 21, citing cuts in government solar subsidies and stiff competition from Chinese rivals. Starved of funding from their beleaguered parent, Solar Trust of America LLC and other U.S. subsidiaries followed with a Chapter 11 petition in April.

With Solar Trust set to auction...
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