Solar Millennium AG (Erlangen, Germany) has filed for the opening of insolvency proceedings at the district court in Fuerth.

"The Management Board and the Supervisory Board deeply regret this development. In their effort to save existing assets for the shareholders and the creditors of the Company, the Company Bodies felt impelled to take this step", reads the company's press release.

Negotiations on sale of U.S. project pipeline, Ibersol could not be finalized

Already since September, the Company, developer of concentrating solar power plants (CSP) has been in a very advanced state of negotiations on the sale of its US pipeline. Agreement exists to a large extend on this transaction; substantial contracts have already been signed, Solar Millennium AG reports.

However, certain conditions for the effectiveness of the agreements have not yet been met. A binding confirmation on the amount and time of the cash flows could not be obtained until last. In addition, intensive negotiations with investors on the entrance into the project Ibersol could not be finalized. Both transactions would have generated funds beyond the current need for liquidity which would have laid the foundation for a further development of the Company.

2011-12-21| Courtesy: Solar Millennium AG | solarserver.com © Heindl Server GmbH

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