On November 29th, 2012 centrotherm photovoltaics AG (Blaubeuren, Germany) revealed that a meeting of its creditors has confirmed the company's restructuring roadmap, including unanimously approving the company's self-administration.

Insolvency Administrator Dr. Martin Hörmann has also agreed with the company's recommendations. Additionally, a temporary committee of creditors has been made permanent, with the election of an additional 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.

Approval of insolvency plan pending

A draft insolvency plan released on October 24th, 2012 provides for the company to continue business, maintain its stock exchange listing, and strengthen its capital structure by converting the claims of unsecured creditors into shares in the company.

This plan requires the approval of the creditors as well as court confirmation, after which insolvency proceedings can be terminated. centrotherm would then operate as an independent, restructured company.

Creditors' meetings for subsidiaries centrotherm Thermal Solutions GmbH & Co. KG and centrotherm SiTec GmbH also agreed that these businesses should continue under self-administration.

2012-11-30 | Courtesy: centrotherm photovoltaics AG | solarserver.com © Heindl Server GmbH

Our editorial selection of breaking solar news is published at:
www.solarserver.com/solar-magazine/solar-news/top-solar-news.html