Centrotherm continues self-administration

At a meeting of its creditors, the company’s restructuring roadmap was also confirmed. The temporary committee of creditors initially set by the court was declared the final committee of creditors after the election of one further member.

"This resolution and the both constructive and faithful cooperation with the creditors leave us optimistic for the success of the further restructuring and the resolution of the insolvency plan," stated centrotherm Management Board member Tobias Hoefer, responsible for the self-administration. Martin Hörmann, the administrator appointed by the court and confirmed by the creditor’s meeting agreed with the recommendations of the company.

Centrotherm also reported today that shares in centrotherm photovoltaics AG will be traded effective March 2013 in the General Standard segment of the regulated market on the Frankfurt Stock Exchange. The switch from the Prime Standard segment to the General Standard segment is part of the current restructuring process.

"In the present situation we must take advantage of every option to save costs. Switching to the General Standard will spare us the expense of both listing and consequential obligations. While at the same time, our shareholders will continue to enjoy the unrestricted opportunity to trade their shares on the Frankfurt Stock Exchange," explained CFO Thomas Riegler.