At the end of May, and before Solarwatt announced in August that it had applied for restructuring under the protection of insolvency laws, the German Federal Cartel Authoritys website published a list containing Quandts intention to take "sole control of Solarwatt." It was then announced on August 1 that he had been taken on as "anchor investor", subject to creditor approval.
Now, after a meeting of Solarwatts creditors held yesterday, September 11, it has been confirmed that he will hold 94% of the company's capital via his holding company Aqton SE, following a 5 million capital increase. In a statement released, Solarwatt said that Quandt will issue a shareholder loan in the amount of 5 million, assisted by investment bank Freitag & Co., and support the companys move towards system solutions.
Under the restructuring plan approved, Solarwatt will focus on the system solutions business. "Before the year is out, we will be launching new products in the area of system solutions. We still have big plans," stated CEO, Detlef Neuhaus. Meanwhile, 337 of the companys 435-strong workforce will be kept on.
Rainer M. Bähr, the trustee appointed by the local district court of Dresden, added, "With the favorable vote of the creditors, Solarwatt AG has overcome the most important hurdle in its restructuring efforts. Once confirmation of the plan takes legal effect, the current insolvency proceedings will be dismissed."
Unsubordinated, unsecured creditors are expected to receive 16% of their registered and verified outstanding claims 4 weeks after the plan takes legal effect, continued the statement. It added, "In February 2015, the company may be able to issue a second payment totaling up to 1.5 million to be divided among all entitled unsubordinated creditors in the insolvency through a reversal of accruals that would then be possible, provided that the accruals in question can be reversed as of December 31, 2014."
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