centrotherm photovoltaics AG

EANS-News: centrotherm photovoltaics submits reorganization concept to court as planned - Creditors to decide on approval after examination

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Company Information


Blaubeuren (euro adhoc) - Blaubeuren, October 12, 2012 - centrotherm
photovoltaics AG today submitted its reorganization and future concept as
planned to the District Court of Ulm. The concept is decisive for the future of
the Group. After being examined by the court, the insolvency plan will be
presented to creditors in the next step, who will then decide on whether to
accept it in a separate discussion and voting meeting.

"Our aim is maintain centrotherm as an independent company based on this plan
and to guide it towards a successful future. Ultimately this would benefit
everyone involved in the process," says the company's own administrator Tobias
Hoefer.
 
If the plan, which aims for the highest possible satisfaction of creditors, is
then accepted by the creditors and confirmed by the court, the 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 on a fully
independent basis.

The same applies for the subsidiaries centrotherm thermal solutions GmbH & Co.
KG and centrotherm SiTec GmbH, which are currently engaged in their own
proceedings and for whom insolvency plans have also been submitted to the court
on time.

Insolvency creditors of the named companies are able to register their
receivables to the court-appointed administrator by November 5 in order that
they participate in the continued process and are able to decide on the approval
of the insolvency plans. The court has appointed the lawyer Prof. Dr. Martin
Hörmann from the anchor Rechtsanwälte legal firm, Ulm, as centrotherm
photovoltaics AG's administrator. The lawyer Alexander Reus, also from anchor
Rechtsanwälte, has been appointed administrator for the subsidiaries centrotherm
thermal solutions GmbH & Co. KG and centrotherm SiTec GmbH.

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 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.


Further inquiry note:
Kontakt:
Saskia Feil
Senior Manager Investor & Public Relations
Tel: +49 7344 918-8890
E-Mail: saskia.feil@centrotherm.de

Nathalie Albrecht
Manager Public Relations
Tel: +49 7344 918-6304
E-Mail: nathalie.albrecht@centrotherm.de

end of announcement                               euro adhoc 
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company:     centrotherm photovoltaics AG
             Johannes-Schmid-Str. 8
             D-89143 Blaubeuren
phone:       +49 (0) 7344 91880
mail:     info@centrotherm.de
WWW:      http://www.centrotherm.de
sector:      Energy
ISIN:        DE000A0JMMN2
indexes:     Prime All Share, GEX, ÖkoDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
             regulated dealing/prime standard: Frankfurt 
language:   English
 



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