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17 October 2012

centrotherm photovoltaics submits reorganization plan to court

After filing for Chapter 11-type insolvency protection in July, centrotherm photovoltaics AG of Blaubeuren, Germany, which provides equipment and turnkey production lines for manufacturing both crystalline silicon solar cells and copper indium gallium diselenide (CIGS) thin-film solar modules, has submitted its reorganization plan to the District Court of Ulm. After being examined by the court, the insolvency plan will be presented to creditors, who will then decide whether to accept it in a separate discussion and voting meeting.

“Our aim is to maintain centrotherm as an independent company,” says the company’s own administrator Tobias Hoefer. “Ultimately, this would benefit everyone involved in the process.” 

If the plan is accepted by the creditors and confirmed by the court, the proceedings can then be terminated, in line with the regulations of the German Act Relating to the Further Simplification of the Reorganization of Companies (ESUG) and Section 270b of the German Insolvency Directive (InsO). centrotherm photovoltaics says it could then operate again on the market as a reorganized company 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.

The court has appointed professor Martin Hörmann, a lawyer from legal firm Anchor Rechtsanwälte, as centrotherm photovoltaics AG’s administrator. Anchor Rechtsanwälte lawyer Alexander Reus has been appointed administrator for centrotherm thermal solutions GmbH & Co. KG and centrotherm SiTec GmbH.

Insolvency creditors of the companies named can register their receivables to the court-appointed administrator by 5 November to participate in the continuaton of the process and to enable them to decide on approval of the insolvency plans.

Tags: centrotherm CIGS


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