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Centrotherm Photovoltaics Submits Reorganization Concept to Court as Planned

published: 2012-10-15 14:15

Centrotherm Photovoltaics AG has 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.

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