Centrotherm: Proposal approved by district court12. July 2012 | Industry & Suppliers, Top News | By: Shamsiah Ali-Oettinger
The district court in Ulm has approved the proposal handed in by centrotherm photovoltaics AG, which requested self-administrative insolvency.
Centrotherm had filed for Chapter 11 insolvency protection with the Ulm District Court July 10. The court has now authorized the company's self-administration to make decisions on how it will proceed with its assets and implement its restructuring plan.
Thereby the neccessary conditions have been created to ensure that suppliers and customers can continue their business as usual with centrotherm. The insolvency application is said to apply to the subsidiaries, centrotherm thermal solutions GmbH & Co. KG and centrotherm SiTec GmbH. Centrotherm management services GmbH & Co. KG and centrotherm cell & module GmbH are expected to be bundled within the parent company. The remaining subsidiaries have not been affected and "will continue to operate as previously".
The supervisory board has already appointed a reorganization expert and insolvency lawyer who will moderate the interests of all parties involved in the proceedings. The joint objective remains to maintain the centrotherm as a company and get it past this slump.
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