Conergy: Business As Usual During Insolvency Proceedings

Posted by SI Staff on July 09, 2013 No Comments
Categories : New & Noteworthy

Germany-based Conergy AG has announced a Hamburg court appointed an insolvency administrator, and Conergy AG says business operations will continue as usual at the parent group and one of two affected subsidiaries.

On July 5, Conergy AG filed for insolvency proceedings for it and two German subsidiaries, Mounting Systems GmbH and Conergy SolarModule GmbH &Co. KG. Sven-Holger Undritz from White &Case has been named insolvency administrator.

"The initial task is to analyze the complex position of the company and its subsidiaries," said Undritz." Our main aim is of course to continue business as usual with as few changes as possible, securing jobs and maintaining customer and supplier relationships. The wages and salaries of all Conergy employees are guaranteed for the meantime by the insolvency payments. Advance financing of these insolvency payments has already started."

Undritz informed workers at an employee meeting that that business operations at Conergy AG will remain the same in the first instance. Conergy AG employs approximately 250 workers in Hamburg and Zweibrücken.

In addition, production of solar mounting systems continues at Mounting Systems GmbH:"Production at Mounting Systems has not been interrupted and will continue as it is in the future. Business will continue uninterrupted," said Undritz." Manufacturing is running at very good utilization levels, and Mounting Systems will therefore continuously be in a position to supply. Initially, nothing will change for the 200 or so employees there."

At Conergy SolarModule's plant in Frankfurt, production is currently on hold. However, the preliminary insolvency administrator wants to restart the machines as quickly as possible.

"Much like the employees and the works council, we want to quickly restart module manufacture," said Undritz." However, we are currently consulting with various stakeholder groups including political representatives."

Conergy says its foreign subsidiaries are not currently affected by their parent group"s opening of preliminary insolvency proceedings.

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