Just two weeks ago Centrotherm announced reversal of its insolvency proceedings. Now the manufacturer of photovoltaic equipment and systems is forced to announce a less positive development.
On Friday the company, located in Blaubeuren, communicated that CEEG, a subsidiary of Société Nationale de l'Electricité et du Gaz (Sonelgaz) the consortium consisting of Centrotherm photovoltaics and Kinetics Germany cancelled the agreement to build a fully-integrated solar module factory in Algeria.
According to the press release, the original project volume amounted to approximately 290 million. Accordingly, the company reserves the right to take legal action and first of all plans to review the validity and import of the cancellation.
The company went on to indicate that lawful termination would not have any negative impact on either the planned cash flow or the future development of Centrotherm. Any claims for damages against the company would be covered by the insolvency plan.
On May 31st the local court in Ulm reversed the photovoltaic companys current autonomous reorganization under the protection of Germanys new insolvency laws. Further steps include a planned capital write-down and a debt to equity swap.
Translated by Alan Faulcon.
Popular content
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.