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.
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.
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