centrotherm photovoltaics AG files for Chapter 11-type proceedings under its own administration
centrotherm photovoltaics AG has today submitted an application to the relevant District Court of Ulm for the launching of insolvency protection proceedings (pursuant to the German Act Relating to the Further Simplification of the Reorganization of Companies [ESUG], and Section 270b of the German Insolvency Directive [InsO]), and for the opening of insolvency proceedings under its own administration in connection with this application. With the help of these proceedings, the company aims to pursue the reorganization path that it has already adopted. The application includes the subsidiaries centrotherm thermal solutions GmbH & Co. KG and centrotherm SiTec GmbH. The activities of the companies centrotherm management services GmbH & Co. KG and centrotherm cell & module GmbH are to be prospectively bundled within the parent company as part of the reorganization. All other subsidiaries both in Germany and abroad will continue to operate as previously, and will not participate in the insolvency protection proceedings.
The German Act Relating to the Further Simplification of the Reorganization of Companies (ESUG), the instrument that centrotherm has applied for, is designed to provide protection to companies in insolvency proceedings, and is an act which came into force on March 1, 2012. The ESUG allows companies to restructure themselves based on a coordinated reorganization and future concept. During the "protective" phase, which is limited to three months, the company is protected from creditors' enforcements and sanctions, and can remain fully operational.
To support these moves, the Supervisory Board of centrotherm photovoltaics AG has appointed reorganization expert and specialist insolvency lawyer Tobias Hoefer to the Management Board with effect as of July 11, 2012.
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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 employed around 1,900 staff as of the December 31, 2011 reporting date, 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.
centrotherm photovoltaics AG
Admitted to the Regulated Market/Prime Standard, Frankfurt Securities Exchange
Corporate domicile: Germany
Senior Manager Investor & Public Relations
Tel: +49 7344 918-8890
Manager Public Relations
Tel: +49 7344 918-6304