Centrotherm: Application granted for self-administration

02. October 2012 | Markets & Trends, Industry & Suppliers | By:  Shamsiah Ali-Oettinger

The District Court of Ulm has granted centrotherm's application to open reorganization proceedings under its own administration. This marks a decisive phase in the proceedings.

The group has a liquidity position of more than €110 million thereby providing a good financial base for the implementation of the reorganization plan.

Subsidiaries centrotherm thermal solutions and centrotherm SiTec will also be granted similar terms. Lawyer Professor Martin Hörmann has been appointed as administrator for centrotherm photovoltaics. Alexander Reus of the Anchor legal company will act as administrator for the subsidiaries.

The insolvency proceedings have been underway since July 12. The provisional creditor committee had already provided unanimous support for the application. As a result, centrotherm will be able to restructure itself independently on the basis of the reorganization and future concept coordinated with creditors, and regulated by court-appointed administrator Hörmann.

Next, the reorganization and future concept plan has to be submitted to the Ulm court by October 12. If the plan is accepted by creditors and confirmed by the court, the insolvency proceedings can be terminated in line with the regulations of the German Act Relating to the Further Simplification of the Reorganization of Companies (ESUG), and the German Insolvency Directive (InsO). Centrotherm photovoltaics can then function again independently.

It is business as usual meanwhile at centrotherm. New orders are coming in during the insolvency protection phase and there has been support from suppliers, creditors and customers with regards to the reorganization measures. Liquidity has also developed better than planned as a result. The group has a liquidity position of more than €110 million thereby providing a good financial base for the implementation of the reorganization plan.


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