Negotiations for the necessary remedial contributions of the shareholders have not been successfully completed, said Solarwatt today, June 11. The Solarwatt board now assumes that the company is insolvent, in the eyes of the insolvency law.
Despite this, talks are ongoing to "eliminate the indebtedness of the company in the short term," according to a statement. If this goal is not quickly achieved, the board must then submit an application to open insolvency proceedings. The shares will also be temporarily withdrawn from the market.
Along with todays announcement, Solarwatt said that company founder, Frank Schneider wanted to leave the company at the end of the year. With immediate effect, he has handed over his position as chief executive to Detlef Neuhaus, who was previously responsible for marketing and distribution. CFO, Jürgen Bruns will also leave the company on June 30. His successor is Carsten Bovenschen, who until the end of 2010, was CFO at Roth & Rau.
Solarwatt clarified its position during the course of the day via an ad-hoc release. According to the statement, the photovoltaic manufacturer is looking to file for self-administration.
After consultation with the insolvency court, the company must provide reorganization under protection of the insolvency laws. This would mean the board is responsible for further discussions regarding equity and debt capital. A property manager would be put in place, which would safeguard the interests of the shareholders.
It is thought this course of action will allow the company to restructure more quickly. The outcome of the talks are currently ongoing and are dependent on when the application was filed.
Around three weeks ago, BMW heir, Stefan Quandt said that he wanted to completely take Solarwatt over. A corresponding transaction was registered with the German federal cartel authority.
Translated by Becky Beetz.
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