Solarwatt is the first photovoltaic company to have used the new restructuring law, under Germanys version of Chapter 11, which has been valid in the country since March. To use the new restructuring law, the company in question must be solvent.
At the start of June, Solarwatt initiated a reorganization under the protection of Germanys insolvency laws, paragraph 270b, with the Dresden district court. It is planning to return to normal business operations as quickly as possible under the new law.
Previously a capital increase had failed, due to the resistance of one shareholder, chairman Detlef Neuhaus stated during a press conference held at this years Intersolar Europe in Munich last week. Despite this, manufacturing operations have continued. "The company is cash and operatively capable," he said.
By the end of July, with the support of restructuring expert, Andreas Ziegenhagen of law firm Salans, a restructuring concept will be submitted. Officially, a company which has chosen this legal path, has three months to create the plan. However, Solarwatt is attempting to finish it in six weeks. Following this, the creditors must vote on the plan, which should happen by end of September, at the latest.
In related news, Solarwatt announced today, June 21, that the guarantee for its new photovoltaic products are secured for the duration of the restructuring period. It has placed a proportionate amount of the purchase price in a trust account. The funds may only be released for warranty claims. Furthermore, it added that there is spare product available in the instance that defective modules need to be replaced.
Translated by Becky Beetz.
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