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Big changes await as Centrosolar restructures

The creditors’ committee of Centrosolar Group AG has voted in favour of the cornerstones for a possible insolvency plan proposed by the Management Board.
In essence, it envisages Centrosolar Group AG continuing to trade through its participation Centrosolar America, Inc. Centrosolar will consequently focus on the US solar market. That market is expected to see continuing growth. The two other participations that are not insolvent, Renusol GmbH and Centrosolar GrundstĂĽcksverwaltungs GmbH, are to be sold.

Centrosolar Sonnenstromfabrik GmbH and Centrosolar AG, the former operational subsidiaries for the production and sale of modules in Europe, will be restructured outside this insolvency plan. These units will no longer be part of Centrosolar Group AG.

The previous shareholders will lose their status as owners and exit without compensation. Likewise, the subordinated loan will lapse.

The insolvency plan’s implementation depends on various legal and economic conditions being met. If a sale should not succeed, the Management Board may also agree with creditors’ committee and the insolvency administrator that these participations will continue to operate as part of Centrosolar Group AG.

To reduce costs, Centrosolar Group AG as the holding company is being slimmed down significantly. The Management Board has already been reduced to one member. In addition, it is aimed to transfer the trading of the shares to a regulated unofficial market at a German stock exchange.

The company aims to implement the insolvency plan – if all is approved and the insolvency court confirms it – by the end of May 2014.
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January 17 2019 2:20 pm V11.11.0-1