© kheng-guan-toh-dreamstime.com Business | July 11, 2013
Conergy files for insolvency
Hamburg-based Conergy AG has filed an application to open insolvency proceedings at the District Court of Hamburg.
Hitherto Conergy has been in negotiations on the short-dated entrance of a strategic investor. The company’s creditors however failed to agree on the necessary unitarily and reliable affirmation of the concept in a timely manner. Now, unexpected delay in a payment resulting from a large-scale project led to illiquidity of Conergy’s two manufacturing subsidiaries Mounting Systems and Conergy SolarModule. The Conergy Board therefore came to the conclusion that the so far positive going concern is void. Despite long- lasting and intensive negotiations the lenders could not agree on the sustainable investor concept presented by the Conergy Board ensuring the future for the PV solution and service provider even though nine out of ten creditors signalised their general affirmation. The cognizant district court will now appoint a preliminary insolvency administrator who will decide promptly whether and how the company can continue its manufacturing and business operations. The Management Board assumes that German employees of the group will receive state-funded “insolvency wages” for the next three months. "In the last fifteen months, we have presented two concrete concepts on the investment by investors to our lenders. We very much regret that they repeatedly could not reach a reliable agreement on a timely implementation of the proposal,” said Conergy CEO Dr. Philip Comberg. “Without a solid capital structure, however, Conergy Group cannot continue its course for growth as planned. The Management Board will now fully support the preliminary insolvency administrator in order to hopefully secure all jobs and to continue business operations without any disruptions – in our production facilities, the proceeding of our orders and the installation of our large-scale projects. We will further collaborate closely with the preliminary insolvency administrator in further negotiations with potential investors, as well as with Conergy’s creditors." Besides Conergy AG, two manufacturing subsidiaries, Conergy SolarModule GmbH & Co. KG in Frankfurt (Oder) and Mounting Systems GmbH in Rangsdorf are affected by the application to open insolvency. Consequences on the activities of Conergy’s international branches cannot yet be foreseen.
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