After extensive discussions, the Creditors’ Committee and Management Board of Centrosolar Group AG have decided to withdraw the proposed insolvency plan.
This decision was taken because following the creditors’ meeting on September 9, 2014, at which the vote on the insolvency plan was postponed, it emerged that it has become unlikely the insolvency plan can be implemented in the short term due to conflicts of interest among the creditors. Hence, the management of Centrosolar Group AG and its main participation Centrosolar America, Inc. have declared their opposition to pursuing the plan any further.
It is anticipated that the non-subordinated creditors will receive a cash payment from the liquidation of all assets, and no shares. The shares of Centrosolar Group AG will be withdrawn from the market as soon as possible.