centrotherm photovoltaics AG: District Court of Ulm approves application for Chapter 11-type proceedings under the company's own administration
Today the District Court of Ulm approved the application submitted by centrotherm photovoltaics AG to initiate insolvency protection proceedings under its own administration (pursuant to the German Act Relating to the Further Simplification of the Reorganization of Companies [ESUG], and Section 270b of the German Insolvency Directive [InsO]).This ruling now leaves the way free for the company to consistently pursue the reorganization program that it has launched. The District Court of Ulm has also authorized the company's own administration to contract insolvency liabilities.
As a consequence, the prerequisites have been created to allow suppliers and customers to continue their business relationships with the centrotherm Group.
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About centrotherm photovoltaics 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 employed around 1,900 staff as of the December 31, 2011 reporting date, 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.
centrotherm photovoltaics AG
Admitted to the Regulated Market/Prime Standard, Frankfurt Securities Exchange
Corporate domicile: Germany
Senior Manager Investor & Public Relations
Tel: +49 7344 918-8890
Manager Public Relations
Tel: +49 7344 918-6304