S.A.G. Solarstrom AG Initiates Search for Investors

published: 2014-02-18 11:51 | editor: | category: News

As part of the restructuring process, S.A.G. Solarstrom AG has instructed the international strategy consultancy Roland Berger Strategy Consultants to organize and support an investor process with regard to a commitment to S.A.G. Solarstrom AG on a national and international basis. The order was placed in agreement with the temporary trustee Dr. Jörg Nerlich from the lawyers’ offices of Görg, Cologne, as well as the temporary creditor committee, after several experienced specialists had been assessed.

As part of the self-administered insolvency proceedings, S.A.G. Solarstrom AG’s Executive Board is currently developing a concept to restructure the Group, in coordination with the temporary trustee and the temporary creditor committee, to ensure the long-term future of the company. First results are expected to be presented when the insolvency proceedings open at the beginning of March this year.  Meanwhile, operative business continues, although new business in plant construction is restricted. Due to the focus on the development of the restructuring concept, both the annual financial statement and the consolidated financial statement for fiscal year 2013, as well as the subsequent interim financial reports in fiscal year 2014 will not be published by the specified deadlines.

Together with the temporary trustee, the Executive Board is examining a variety of options as part of the restructuring plan.

“The course of action so far has been proceeding as planned and is altogether characterized  by very constructive cooperation between the Executive Board and the temporary creditor committee”, says the temporary trustee Dr. Jörg Nerlich. “I thus assume that the restructuring plan can be established with the agreement of all those involved”.

“Our common goal is the continued operation of the company, if possible with its present structure”, says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. “Our four pillar business model has basically proven to be successful. However, plant construction requires substantial funding. For an investor, S.A.G. Solarstrom AG’s business areas offer attractive options in the long-term”.

A key factor in the placement of the order with Roland Berger Strategy Consultants was the company’s long-term experience in M&A processes, expertise in the preliminary work on insolvency plans as well as experience in all relevant photovoltaic growth markets, in particular in Asia.

Further details on the restructuring plan are expected to be communicated at the beginning of March when the insolvency proceedings open.

Due to its focus on the restructuring process, S.A.G. Solarstrom AG will not be able to adhere to the required deadlines for publication of the annual and quarterly results. The annual financial statement and the consolidated financial statement for fiscal year 2013, as well as the subsequent interim financial reports in fiscal year 2014, will therefore be published at a later date.

The operative business of S.A.G. Solarstrom AG, S.A.G. Vertriebsgesellschaft mbH and Technik GmbH is currently proceeding without restrictions, apart from the new business in plant construction, under the self-administered insolvency proceedings.

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