EANS-News: centrotherm photovoltaics AG Creditors' meeting confirms the
restructuring roadmap of centrotherm photovoltaics AG
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Company Information
Blaubeuren (euro adhoc) - November 29, 2012 - The first creditors' meeting after
the insolvency protection proceedings introduced in July 2012 has confirmed the
agreed restructuring roadmap of centrotherm photovoltaics AG. As part of the
reporting and verification meeting called by Ulm county court, the represented
creditors unanimously resolved that the company should continue in
self-administration. In addition, the temporary committee of creditors initially
set by the court was declared the final committee of creditors after the
election of one further member. "This resolution and the both constructive and
faithful cooperation with the creditors leave us optimistic for the success of
the further restructuring and the resolution of the insolvency plan," says
centrotherm Management Board member Tobias Hoefer, responsible for the
self-administration. Previously, he reported to the creditors on the starting
position in the insolvency protection proceedings, the successes already
achieved in the restructuring process as well as on the prospects for the
continuation of the company's business.
The administrator appointed by the court and also confirmed by the creditors'
meeting, lawyer Prof. Dr. Martin Hörmann from anchor Rechtsanwälte, also agreed
with the recommendations of centrotherm photovoltaics AG.
The draft of the insolvency plan of centrotherm photovoltaics AG (see ad hoc
release from October 24, 2012) provides for the company to continue business
while maintaining its stock exchange listing and strengthen the capital
structure by converting the claims of the unsecured creditors into shares in the
company. This is aimed at striking a balance between the interests of the
shareholders and the company with regards to its continued existence and capital
market access, and best possibly satisfying the creditors' claims. The
insolvency plan requires the approval of the creditors and the confirmation of
the insolvency court. After that, the insolvency proceedings can be terminated
in line with the regulations of the German Act Relating to the Further
Simplification of the Reorganization of Companies (ESUG), and the German
Insolvency Directive (InsO). centrotherm photovoltaics AG could then operate
again on a solid basis on the market as a restructured company on a fully
independent basis.
The creditors' meetings for the subsidiaries centrotherm thermal solutions GmbH
& Co. KG and centrotherm SiTec GmbH, which are currently engaged in their own
proceedings, also resolved that business should continue under
self-administration. At these meetings, the creditors' committees and the
administrator appointed for these companies, lawyer Alexander Reus, were also
confirmed.
About centrotherm photovoltaics AG
centrotherm photovoltaics AG, which is based at Blaubeuren, Germany, is a
globally leading technology and equipment provider for the photovoltaics sector.
The company equips well-known solar companies and new sector entrants with
turnkey production lines and single equipment to manufacture silicon, and
crystalline solar cells and modules. As a consequence, the Group possesses a
broad and well-founded technological basis, as well as key equipment at
practically all steps of the photovoltaics value chain. centrotherm
photovoltaics guarantees its customers important performance parameters such as
production capacity, efficiencies, and completion deadlines. The Group currently
employs around 1,300 staff, and operates globally in Europe, Asia and the USA.
centrotherm photovoltaics achieved revenue in the 2011 financial year of around
EUR 700 million. The company is listed in the Prime Standard on the Frankfurt
Stock Exchange.
Further inquiry note:
Saskia Feil
Tel: +49 (0) 7344 918-8890
saskia.feil@centrotherm.de
Nathalie Albrecht
Manager Public Relations
Tel: +49 7344 918-6304
E-mail: nathalie.albrecht@centrotherm.de
end of announcement euro adhoc
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company: centrotherm photovoltaics AG
Johannes-Schmid-Str. 8
D-89143 Blaubeuren
phone: +49 (0) 7344 91880
mail: info@centrotherm.de
WWW: http://www.centrotherm.de
sector: Energy
ISIN: DE000A0JMMN2
indexes: Prime All Share, GEX, ÖkoDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English