(Reuters) - French solar panel maker Photowatt faced collapse on Friday after its parent ATS Automation Tooling Systems Inc said the unit had begun proceedings to file for bankruptcy, blaming a drop in demand and tough competition.
Canada's ATS failed to find a buyer for its struggling subsidiary last month against a backdrop of falling prices, squeezed profits and lower subsidies for solar power in Europe.
"We plan to separate the (Photowatt) solar assets within the next six months," ATS Chief Executive Officer Anthony Caputo said in a statement.
