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© ljupco-smokovski-dreamstime.com Business | October 02, 2013

Solar Thin Films selling Hungarian Subsidiary

Solar Thin Films is selling all of its ownership stake of Hungarian subsidiary, Kraft, R.t., to GJR Collectibles, which represents at least 95.5% of the capital stock of Kraft.
As a result of the sale, approximately USD 4 million of previously-consolidated liabilities of Kraft was removed from the Company’s balance sheet.

James Solano commented that “this transaction dramatically improves our working capital position and adds strength to our balance sheet by substantially reducing our liabilities, which helps to position us to move forward on other fronts.”
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