centrotherm photovoltaics AG, a Germany-based PV equipment supplier, says it has passed a ‘decisive hurdle’ for its reorganization and recapitalization.
Following a meeting convened by the local court, the company's creditors and shareholders have approved an insolvency plan. Pending certain final formalities, insolvency proceedings can be ended, and the company can move forward with reorganization.
‘If we implement the plan as envisaged, it will comprise an equally beneficial result for shareholders, employees and creditors,’ says Tobias Hoefer, a management board member.
‘For shareholders, millions of euros' worth of value, the stock market listing and the value enhancement potentials of their shares remain,’ Hoefer explains. ‘Creditors stand a good chance of realizing 100 percent of their receivables, or even more. Last, but not least, all of the currently approximately 1,000 jobs within the centrotherm Group can also be maintained.’
More details on the financial specifics of the plan are available here.