centrotherm photovoltaics submits reorganization concept to court as planned

Creditors to decide on approval after examination

Blaubeuren, (PresseBox) - centrotherm photovoltaics AG today submitted its reorganization and future concept as planned to the District Court of Ulm. The concept is decisive for the future of the Group. After being examined by the court, the insolvency plan will be presented to creditors in the next step, who will then decide on whether to accept it in a separate discussion and voting meeting.

"Our aim is maintain centrotherm as an independent company based on this plan and to guide it towards a successful future. Ultimately this would benefit everyone involved in the process," says the company's own administrator Tobias Hoefer.

If the plan, which aims for the highest possible satisfaction of creditors, is then accepted by the creditors and confirmed by the court, the proceedings can be terminated in line with the regulations of the German Act Relating to the Further Simplification of the Reorganization of Companies (ESUG), and the German Insolvency Directive (InsO). centrotherm photovoltaics AG could then operate again on a solid basis on the market as a reorganized company and on a fully independent basis.

The same applies for the subsidiaries centrotherm thermal solutions GmbH & Co. KG and centrotherm SiTec GmbH, which are currently engaged in their own proceedings and for whom insolvency plans have also been submitted to the court on time.

Insolvency creditors of the named companies are able to register their receivables to the court-appointed administrator by November 5 in order that they participate in the continued process and are able to decide on the approval of the insolvency plans. The court has appointed the lawyer Prof. Dr. Martin Hörmann from the anchor Rechtsanwälte legal firm, Ulm, as centrotherm photovoltaics AG's administrator. The lawyer Alexander Reus, also from anchor Rechtsanwälte, has been appointed administrator for the subsidiaries centrotherm thermal solutions GmbH & Co. KG and centrotherm SiTec GmbH.

centrotherm international AG

centrotherm photovoltaics AG, which is based at Blaubeuren, Germany, is a globally leading technology and equipment provider for the photovoltaics sector. The company equips well-known solar companies and new sector entrants with turnkey production lines and single equipment to manufacture silicon, and crystalline solar cells and modules. As a consequence, the Group possesses a broad and well-founded technological basis, as well as key equipment at practically all steps of the photovoltaics value chain. centrotherm photovoltaics guarantees its customers important performance parameters such as production capacity, efficiencies, and completion deadlines. The Group currently employs around 1,300 staff, and operates globally in Europe, Asia and the USA. centrotherm photovoltaics achieved revenue in the 2011 financial year of around EUR 700 million. The company is listed in the Prime Standard on the Frankfurt Stock Exchange.

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