Conergy loses half its share capital

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As of September 30, Conergy’s equity stood at €72 million, thus leading to the organization of an extraordinary general meeting by the board. The agenda is expected to be published in the coming days.

The reason for the loss has been attributed to both "current business development" and the effects of the cancelled wafer contract with MEMC Electronic Materials, Inc.

CEO, Philip Comberg was quick to point out that the meeting will have no effect on Conergy’s operations. He added that the board is not planning to implement new capital measures at the meeting.

"For Conergy, the termination of the contract is a relief from a heavy burden of the past and an important condition for the advancement of the company," added Comberg.

In the spring, Q.Cells had to call an extraordinary general meeting due to the loss of half its share capital, after refinancing negotiations failed. Shortly after, the company had to file for insolvency. It has since been saved by South Korea’s Hanwha Group, however.