Solarworld to be sold
The insolvency administrator for Solarworld AG has signed a purchase agreement on assets of Solarworld AG as well as of individual subsidiaries.
The insolvency administrator for the assets of SolarWorld AG, SolarWorld Industries Sachsen GmbH, SolarWorld Innovations GmbH as well as SolarWorld Industries Thüringen GmbH – in each case attorney at law, Horst Piepenburg, Düsseldorf – has signed a purchase and transfer agreement with SolarWorld Industries GmbH, registered in the Commercial Register of the local court of Bonn under HRB 23089, as buyer. The goal is to continue operating significant parts of the solar cell and module production as well as the distribution of these high efficiency products. Object of the purchase and transfer agreement are almost all property, plant and equipment and all inventories and intangible assets of the aforementioned companies, as well as certain receivables from the aforementioned subsidiaries and the SolarWorld AG’s ownership interest in SolarWorld Africa (Pty) Ltd., in SolarWorld Asia Pacific PTE Ltd., in SolarWorld France S.A.S. and in SolarWorld Japan KK. The purchase price consists predominantly in the repayment of liabilities that are secured by the creditor's protection rights. The agreement is subject to various conditions precedent (conditions of closing). It is – again – pointed out that the shareholders of SolarWorld AG will not receive any distributions or other significant assets from the proceeds of the sales process.