Electronics Production | July 11, 2012
centrotherm photovoltaics AG files insolvency proceedings
centrotherm photovoltaics AG today submitted an application to launch insolvency protection proceedings and for the opening of insolvency proceedings under its own administration.
The application, sent to a District court in Ulm, includes the subsidiaries centrotherm thermal solutions GmbH & Co. KG and centrotherm SiTec GmbH. The activities of the companies centrotherm management services GmbH & Co. KG and centrotherm cell & module GmbH are to be prospectively bundled within the parent company as part of the reorganization. All other subsidiaries both in Germany and abroad will continue to operate as previously, and will not participate in the insolvency protection proceedings. The German Act Relating to the Further Simplification of the Reorganization of Companies (ESUG), an instrument to provide protection to companies in insolvency proceedings, and an act which did not come into force until March 1, 2012, allows companies to restructure themselves based on a coordinated reorganization and future concept. During the "protective" phase, which is limited to three months, the company is largely protected from creditors' enforcements and sanctions, and can remain fully operational. Business operations at centrotherm photovoltaics AG and the other Group companies are currently continuing as usual.