By filing for Chapter 11 bankruptcy, Solar Millenium's U.S. operations will remain in control as a debtor in possession, but be under oversight and jurisdiction of the court. With this filing, the insolvency administrator Volker Böhm will see to the sales process of the company's U.S. projects. Böhm says that through this chapter, interested parties can be given information about the projects and can make offers via a public tendering procedure. By selling its U.S. investments, the company hopes to allow millions of dollars to flow back into Solar Millenium's assets.
Meanwhile, former CEO Claassen looks to sue Solar Millenium AG, U.S. daughter firm Solar Millenium Inc. and the Solar Trust of America LLC, of which Solar Millenium Inc. has a 70 percent stake. Claassen is claiming that his reputation has been harmed by defamatory statements made to the public after he retired in 2010.
Böhm and the affected parties are proofing these claims at the moment. The case has no impact on the German insolvency proceedings. Even if Claassen is successful with his case, he will fall under the creditors and will have to contribute the damage sum to the insolvency table.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.