Court grants application to open reorganization proceedings under the company’s own administration
Lawyer Prof. Martin Hörmann appointed administrator
The reorganization of centrotherm photovoltaics AG has entered a decisive phase: the District Court of Ulm has today granted the company’s application to open reorganization proceedings under its own administration. The same also applies for the subsidiaries centrotherm thermal solutions GmbH & Co. KG and centrotherm SiTec GmbH, which have also been in insolvency protection proceedings since July 12. The provisional creditor committee had provided unanimous support to the application. As a consequence, centrotherm photovoltaics AG can restructure itself independently on the basis of the reorganization and future concept coordinated with creditors, and regulated by a court-appointed administrator. The court determined that Prof. Martin Hörmann from the Anchor legal firm, who has already functioned as provisional administrator to date, should be the administrator for centrotherm photovoltaics AG. Lawyer Alexander Reus of the Anchor legal firm, who has also acted as provisional administrator to date, was appointed to be the administrator for the subsidiaries centrotherm thermal solutions GmbH & Co. KG and centrotherm SiTec GmbH.
The company’s own administrator Tobias Hoefer welcomed the court’s decision. “This sets an important signal for the future of centrotherm photovoltaics AG. Following the successful conclusion of insolvency protection proceedings which this documents, we can now make preparations for the further course of the reorganization process.”
The next step in the reorganization process is to submit the reorganization and future concept, which has been developed in coordination with the main creditor groups, to the District Court of Ulm by October 12, 2012. If the plan, which aims for the highest possible satisfaction of creditors, is then accepted by the creditors, and confirmed by the court, 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 reorganized company, and fully independently.
Irrespective of this, the full scope of business continues at centrotherm photovoltaics AG and the aforementioned subsidiaries. New orders have been received during the insolvency protection phase, and customers, suppliers and creditors have supported the reorganization measures. Liquidity has also developed better than planned as a consequence. The Group currently commands a liquidity position of more than EUR 110 million, thereby providing a good financial base for the implementation of the reorganization plan.
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.
Source: centrotherm photovoltaics
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