centrotherm photovoltaics AG

EANS-News: Creditors vote on the restructuring plan of centrotherm photovoltaics AG on January 29

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Company Information

Blaubeuren (euro adhoc) - January 10, 2013 - The insolvency proceedings for
centrotherm photovoltaics AG are entering a decisive phase. The responsible
county court in Ulm has laid down the insolvency plan after completing its
examination, and it is therefore also now available for viewing for the parties
involved in the proceedings. In addition, the court has set January 29, 2013 as
the date for discussing and voting on the insolvency plan.
Following the approval of the creditors and confirmation from the insolvency
court, the insolvency proceedings could be terminated and centrotherm
photovoltaics AG could then operate again on a solid financial basis on the
market as a restructured company and on a fully independent basis.

On the back of the successful implementation of the planned restructuring of
the company, a turnaround could be expected for 2014. centrotherm photovoltaics
AG could then prospectively once again reach a value with which the claims of
its creditors can very likely be largely or possibly completely satisfied,
according to the insolvency plan.

The basis for this is the already far advanced strategic, structural and
operating realignment of the centrotherm Group. As part of this, the
centrotherm Group will concentrate in future on its core business of production
technology for thermal surface processes in the photovoltaics industry with a
focus on solar cells. As a second line of business, the semiconductor division
should be further boosted and expanded, as this offers long-term revenue
potential of EUR 100-150 million. This area can be built up based on the
semiconductor business with competitive products, particularly in the field of
power semiconductors and the business of the subsidiary FHR Anlagenbau GmbH.

The structure of the centrotherm Group with functions distributed across
various companies and sites has already been made substantially more
streamlined, cost-effective and efficient as all functions are now pooled at
the Blaubeuren site within centrotherm photovoltaics AG. In addition, secondary
activities not required for the future competitiveness of the centrotherm Group
have been sold or discontinued in order to achieve cost savings.

The insolvency plan now laid down for centrotherm photovoltaics AG - as already
published via ad hoc release on October 24, 2012 - provides for the company to
continue business while maintaining its stock exchange listing and strengthen
its capital structure by converting the claims of the unsecured creditors into
shares in the company. This is aimed at striking a balance between the
interests of the shareholders and the company with regards to its continued
existence and capital market access, and best possibly satisfying the
creditors' claims.

Therefore, the creditors should transfer 70% of their insolvency claims to an
independent administration company. This company will collect the claims in
centrotherm photovoltaics AG transferred to it and therefore become shareholder
of the debtor. The insolvency claims collected expire, which in turn leaves
centrotherm photovoltaics AG largely debt-free. In return for the collection of
claims, the administration company will acquire shares in the debtor. This
takes place as part of a combined capital reduction and capital increase.

The plan is for the administration company to acquire 80% of the shares, with
the other 20% remaining with the existing shareholders of the debtor, whose
share portfolios will be pooled together at a ratio of five to one, in other
words five shares become one. The administration company has an obligation to
the insolvency creditors to purchase the shares, retain them and utilize them
in the best possible way preferably by 31.12.2015 and satisfy the creditors
using the proceeds.

Insolvency plan offers advantages for all involved parties

This process allows stock market access to be preserved so that the
administration company can, with the agreement of the committee of creditors,
sell the shares it holds on the stock exchange or to an individual investor or
a group of investors. Depending on the returns achieved, it is possible that
insolvency creditors could in this way have their original insolvency claims
completely satisfied or even exceeded.

Compared to alternative procedures, this insolvency plan therefore offers a
range of advantages. It is not only the fact that the prospect of creditors'
claims being satisfied is greater, the plan also saves on costs and would lead
to an earlier payout for creditors.

"In any case, no creditor or shareholder of the debtor is any worse off than
would be the case from the liquidation of assets in a standard liquidation
procedure. The insolvency plan also enables the continued existence of the
company, which in turn preserves the greatest possible number of jobs,"
emphasizes Management Board member responsible for the self-administration
Tobias Hoefer.

In addition, the insolvency plan contains a range of provisions that are
intended to ensure successful implementation as far as possible. This includes
the fulfillment of the insolvency plan being monitored by the court-appointed
administrator Prof. Dr. Martin Hörmann. The committee of creditors should also
continue to exist and in particular monitor the utilization of the shares by
the administration company.

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 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 AG is currently listed in the Prime Standard on the Frankfurt
Stock Exchange, but is due to switch to the General Standard of the Regulated
Market as of March 1.

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 

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

Weitere Meldungen: centrotherm photovoltaics AG

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