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Centrotherm appoints restructuring officer

Germany’s centrotherm photovoltaics AG has appointed a new chief restructuring officer (CRO) to help implement its ct focus restructuring program. Meanwhile, the company founder has stepped down.

Centrotherm aims to save €22 million a year by the end of 2013 through its ct focus restructuring program.

Centrotherm

Jan von Schuckmann was appointed the new role, which took effect yesterday, June 18. According to a statement released, he will look after centrotherm’s restructuring program, and will undertake future financing discussions with banks.

At the same time, Hans Autenrieth, company founder and management board member has stepped down from his position, also effective from yesterday. He will, however, remain a consultant to centrotherm.

On the first day of Intersolar Europe, held in Munich last week, centrotherm announced that due to the continuing difficult market conditions, its merchandise credit insurance companies had stopped insuring merchandise deliveries to the group. "Based on this information, the Management Board anticipates a negative liquidity effect in a low double-digit amount in millions of euros," said centrotherm at the time.

Furthermore, it said that in coordination with its banks, it had "mandated a renowned management consultancy company to prepare a reorganization report that is to form the basis for further discussions with banks to secure the Group's financing. Until further notice, open credit and guarantee lines can no longer be utilized given current financing discussions with banks."

At the start of March, centrotherm unveiled its ct focus restructuring program. The company said the goal was to place more emphasis on crystalline silicon. A result of the program, capacities were adjusted to match market requirements, and 400 jobs from 1,928 will be cut by mid-2012. Overall, centrotherm aims to save €22 million a year by the end of 2013.

Furthermore, in May, the company announced it recorded €255.4 million of new orders in the first quarter of 2012. Despite this success, the company said the solar situation was still tense.