Investor process in Frankfurt (Oder): Completion expected by end of October
- Negotiations with seven potential investors from Europe and Asia
- Preliminary insolvency administrator Undritz: "We are well on our way with the negotiations. Some of the interested parties have already submitted indicative offers."
- Business operations continues during October
- Currently under examination whether employees will have to be released at the opening of the insolvency proceedings on 1 October 2013, decision expected by the afternoon of 30 September 2013
Negotiations with potential investors for Conergy SolarModule GmbH & Co. KG in Frankfurt (Oder) are on a very good track. Seven investors from Europe and Asia are interested in the module factory located in the German state Brandenburg. This has been communicated to the employees by the preliminary insolvency administrator at an employee meeting today, Thursday, at 5.30 p.m.
Undritz: "We are confident to reach an agreement by end of October."
"The investor process is well under way so far and we are confident to reach an agreement with one of the seven interested parties by the end of October," said preliminary insolvency administrator Dr. Sven-Holger Undritz from the law firm White & Case. "Some of the interested parties have already seized the opportunity to make an indicative offer and we are expecting further offers to be submitted. Based on the current order situation we will continue business operations in October."
Business Operations will continue during October
During the past three months wages and salaries of the Conergy employees were secured by insolvency payments. These are only disbursed for three months and will end on 1 October 2013. Therefore it is currently being examined whether business operations will continue with only part of the staff. A decision and whether any employees will have to be released is expected by the afternoon of next Monday, 30 September 2013.
Starke: "I am confident that our module factory will play an important role also in the future."
"I am very confident that our module production will play an important role for the solar industry in the future," said Sven K. Starke, Managing Director of Conergy SolarModule GmbH & Co. KG. "The course of negotiations as well as the feedback of the interested parties and our customers are confirming this repeatedly. This is our motivation to keep fighting in order to offer an attractive future perspective to our employees and the region."
Conergy Deutschland GmbH
Since the start of production in May 2007, over three million Conergy PowerPlus premium modules have come off the line already and have been producing clean and environmentally friendly solar power in numerous countries around the world.
The Frankfurt plant is one of the most modern solar factories worldwide. Around 300 employees ensure that the manufacturing process runs smoothly. With a production capacity of over 300 MW, over 3,000 top class modules come off the line every day. The high qualified staff and highly automated production lines of the company are critical for ensuring its own quality requirements and the fastidious needs and demands of the customers.
In collaboration with renowned research organizations, institutes and universities, the technologists and engineers at Conergy SolarModule work to continuously improve processes, increase module efficiency and reduce material costs. The clear motto of the entire production team: no compromise on module quality. Accordingly, the Conergy PowerPlus modules don't only undergo strict quality checks in the factory. The solar modules including their components are subject to extensive testing in our in-house laboratories, clean rooms and climatic chambers. They are then granted their official quality certificates from independent testing organizations, such as the TÜV.
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