Case Summary: Meyer Burger Chapter 11

Business Description

Meyer Burger (Holding) Corp. and its U.S. Debtor affiliates⁽¹⁾ (the "Debtors" or the "Company"), subsidiaries of Swiss-based Meyer Burger Technology AG ("MBT AG"), are developers of a planned U.S.-based solar module manufacturing operation. The Company’s strategy was centered on establishing a "Made in America" production footprint to capitalize on domestic manufacturing incentives provided by the Inflation Reduction Act of 2022 (IRA).

• The Company’s core value proposition is built on its parent’s proprietary and high-efficiency solar technology platform, which combines Heterojunction (HJT) solar cells with SmartWire Connection Technology (SWCT®) to produce premium, high-performance solar modules.
• Operations were to be anchored by a 276,000-square-foot module assembly facility in Goodyear, AZ, which was designed to produce up to 2.1 gigawatts of solar modules annually and employ a workforce of 600 at full capacity.

Prior to ceasing operations, the Company had secured master supply agreements with major renewable energy developers, including D. E. Shaw Renewable Investments ("DESRI") and Ingka Investments, leveraging over $102 million in customer prepayments to help fund the initial build-out.

Meyer Burger (Holding) Corp. and its affiliates filed for Chapter 11 protection on June 25, 2025 (the "Petition Date") in the U.S. Bankruptcy Court for the District of Delaware, reporting $100 million to $500 million in assets and $500 million to $1 billion in liabilities.

⁽¹⁾ For a complete list of debtor entities, see the organizational structure chart below.

Corporate History

The Debtors’ U.S. venture is a direct extension of a high-risk strategic transformation undertaken by its Swiss parent, MBT AG. Founded in 1953, MBT AG operated for decades as a leading technology provider and equipment supplier to the global solar industry, pioneering key innovations in wafer cutting and cell production.

Strategic Pivot to Manufacturing

• In 2020, facing intense price pressure and market distortion from an oversupply of low-cost Chinese products in Europe, MBT AG pivoted from its capital-light licensing model to become a vertically integrated manufacturer of its own high-performance solar cells and modules.
• This transformation involved acquiring and re-tooling former solar factories in Germany and fundamentally altered the company's risk profile and capital structure, exposing it to the commodity manufacturing market.

The American Gambit

• The expansion into the United States was a defensive strategy designed to escape the European price wars and capitalize on the attractive financial incentives offered by the IRA. The U.S. was viewed as a stable market with strong government support, where the company could establish a profitable, premium "Made in America" business.
• CEO Gunter Erfurt framed the move as essential to making the company "independent of political decisions in Europe" and positioning it for profitable growth.

Corporate Organizational Structure

• The U.S. Debtors are indirectly, wholly owned by the publicly listed Swiss parent, MBT AG. Ownership flows through a non-Debtor Swiss affiliate, Meyer Burger (Switzerland) AG, which holds the patents for the proprietary technology used in the U.S. operations.
• This structure created a complex web of intercompany debt (approximately $370 million) and operational dependencies, most notably the U.S. operation's reliance on German affiliates for its solar cell supply, which ultimately became a conduit for insolvency.

Operations Overview

The Company’s U.S. strategy was predicated on establishing a vertically integrated manufacturing footprint, which was ultimately abandoned, and a proprietary technology platform that was more complex and costly than mass-market alternatives.

Manufacturing Assets

• Goodyear, AZ Module Production Facility: The centerpiece of the U.S. operations was a 276,000-square-foot manufacturing plant and an adjacent 218,451-square-foot warehouse, both leased by Debtor MB Lease Co. and operated by Debtor Meyer Burger (Americas) Ltd. ("MBA"). The Company invested approximately $60 million to convert the former warehouse space into a state-of-the-art facility.
  • The facility was designed for three production lines with a nameplate capacity of 2.1 gigawatts annually. However, only one line was ever partially operational, a second was partially installed, and the third was never installed due to deteriorating finances. The plant never approached its designed capacity.
• Abandoned Colorado Springs, CO Cell Production Facility: The original plan included a dedicated solar cell plant in Colorado to create a fully domestic supply chain and maximize IRA "domestic content" tax credits.
  • This critical project was discontinued after the Company failed to secure the necessary financing, a strategic failure that broke the domestic supply chain and forced a pivot to a riskier trans-Atlantic model reliant on a single German affiliate for its supply of HJT cells.

Proprietary Technology Platform

The Company’s competitive strategy relied on the superior performance and efficiency of its HJT/SWCT® technology platform to justify a premium price point.

• Heterojunction (HJT) Technology: An advanced solar cell architecture that combines crystalline and amorphous silicon layers to minimize electron loss, resulting in higher energy yield, better temperature stability, and stronger low-light performance compared to conventional cells.
• SmartWire Connection Technology (SWCT®): A patented cell connection method that replaces traditional metal busbars with a dense grid of 18 micro-wires. This design offers several advantages:
  • Reduced Shading: Increases the module’s power output by allowing more sunlight to reach the silicon.
  • Enhanced Durability: The wire mesh reinforces the cell against micro-cracks, improving long-term reliability.
  • Lower Cost: Significantly reduces the consumption of expensive silver paste by over 85%, according to CSEM researchers.

Prepetition Obligations