centrotherm photovoltaics Loses Credit Insurance

Posted by SI Staff on June 14, 2012 No Comments
Categories : New & Noteworthy

Germany-based PV equipment manufacturer centrotherm photovoltaics AG says that due to the continued poor market environment, the company has been informed by merchandise credit insurance firms that they will no longer insure merchandise deliveries to the centrotherm photovoltaics Group.

Based on this information, centrotherm's board anticipates a negative liquidity effect in a low double-digit amount in millions of euros.

In coordination with its banks, centrotherm has engaged a management consultancy company to prepare a reorganization report. The report is expected to lead to further discussions with the banks in order to secure financing.

Until further notice, open credit and guarantee lines can no longer be utilized given current financing discussions with banks, the company notes.

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