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©dr911-dreamstime.com Electronics Production | April 03, 2012

Solar Millennium US files bankruptcy, ex-CEO sues

Solar Millennium's US subsidiaries filed for Chapter 11 insolvency proceedings yesterday. Meanwhile, Solar Millennium announced that for CEO Utz Claassen has sued the company.
In a statement on the company's website said that regular financing of the US companies was no longer secured following solarhybrid AG's insolvency application. Parent company Solar Millennium AG filed for insolvency in December last year.

"Chapter 11 proceedings ensure, that interested parties can enquire about the projects and make offers in the course of a public tendering procedure", said administrator Volker Böhm. Böhm has arranged for the previous management of the US business to be replaced in preparation for Chapter 11 last week and installed US-based restructuring expert Ned Kleinschmidt.

The company's statement estimates that sales of the US Investments would provide cash in the million dollar range.

In related news, Solar Millennium has been sued by former Chief Executive Utz Claassen for 265 million US dollars, regarding public statements by company representatives. Solar Millennium said the lawsuit would not affect its insolvency proceedings.

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