centrotherm photovoltaics AG

EANS-Adhoc: Significant progress in reorganization of centrotherm photovoltaics AG:

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
Company Information


- Court grants application to open reorganization proceedings under the
company's own administration
- Lawyer Prof. Martin Hörmann appointed administrator

Blaubeuren, October 1, 2012 - 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

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.

end of ad-hoc-announcement
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:
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 

issuer:      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

Weitere Meldungen: centrotherm photovoltaics AG

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