TodayWildpoldsried. A village in Bavaria. A few days ago.
Here, two founders built a box… that stores the sun.
If you have solar panels, you may know the name.
The industry called it the Tesla of solar storage.
Shell bought it. In August, Shell sold it.
A new owner.
Two months later… it asked a court for a rescue.
That morning, about four hundred staff were told.
Here's the thing about that filing.
In Germany, it isn't a closing sign. It's a request.
A court decides what comes next.
Its German sales fell by more than two thirds in 2024.
More than a hundred and fifty thousand customers have its box.
So far, a court has not decided.
The sun still rises over Bavaria.
The question is who gets to store it.
This is BANKRUPT.
Good morning. Tuesday, the 27th of October. From Max Noble's desk.
The companies closest to the edge. Every fact with a source.
Today, two companies. And one question. Who decides what happens next?
The seatback TV on your low-fare flight.
JetBlue's lenders reportedly hired the advisers you call when debts get heavy.
Its results come out today.
And at the end… why the box that stores the sun asked a court for help.
We start with an airline.
DevelopmentsNow to the list, and the developments.
JetBlue, the low-fare airline group.
Its creditors reportedly hired restructuring advisers, PJT Partners and Akin.
Third-quarter results come today, Tuesday 27 October.
JetBlue has not filed for bankruptcy.
Its own savings plan is beating its targets, but fuel rose faster, and it has lost money every year since 2019.
In Max Noble's view, the lenders who hold its frequent-flyer programme as security have started planning for themselves.
Max Noble is watching today’s results, and how much cash was left at the end of September.
The listThe rest of the list, in brief.
Internationally, GiFi, at 95: in a court process.
Galeria, at 95: in a court process.
RAL Yatırım Holding, at 95: in a court process.
Homeplus, at 95: in a court process.
Casas Bahia, at 95: in a court process.
Tongaat Hulett, at 95: in a court process.
In Denmark, Hamiconsult, at 100: declared bankrupt.
CPH Steel, at 100: declared bankrupt.
Velkommen group, at 92: in a court process.
The storyAnd finally, today's story. sonnen.
Last Thursday morning. Wildpoldsried… a village in Bavaria.
sonnen's staff are told… the company has asked a court for a rescue.
Christoph Ostermann and Torsten Stiefenhofer started sonnen here.
They built a box… that stores the sun.
The industry called it… the Tesla of solar storage.
Then Shell bought it.
Cheaper batteries came from China.
The sun, it turns out… shines just as well into a cheaper box.
German sales fell away.
Its owner kept adding money.
In August… Shell sold it.
Max Noble's verdict. The box stopped paying long before Shell left.
Do you earn most of your money… from a product a rival could make cheaper?
Take the BANKRUPT Test… at maxnoble.com.
One question for your company, from the BANKRUPT Test.
BANKRUPT Law No. XXMax Noble's question. Do you earn most of your money from a product a rival could make cheaper?
Take the test in two minutes at maxnoble.com slash test. The full chapters are in the book, at maxnoble.com slash book.
CloseThat's BANKRUPT, the Morning Warning.
The full list, and every source, is at maxnoble.com.
The BANKRUPT Meter is Max Noble's opinion of how close a company is to bankruptcy.
It is not investment advice.
This narration is an AI voice.
Back tomorrow, at six.
— Max NobleThe full case, with every source, is one click away.
Columbus100Integrity
Søren Krogh KnudsenCEO & President, ColumbusPromisedProfit margin, 20268–10%12 March 2026↗
