The arrival of U.S. asset management firm Kawa Capital Management Inc as a white knight buyer of Conergy‘s global sales and service units today came on the same day the German solar manufacturer announced the resumption of production at its module plant in Frankfurt (Oder).
Although Kawa is not purchasing the mounting system or module manufacturing units of insolvent parent company Conergy AG, preliminary administrator Sven-Holger Undritz held out hope of a sale of those units as well.
In an announcement today by Conergy, which will sell the Conergy brand as part of the deal with Miami-based Kawa, Undritz said: "For Mounting Systems we are already in promising talks with potential investors. I am confident we will very soon find a solution for the two subsidiaries in Rangsdorf and Frankfurt (Oder), Germany, which are affected by the preliminary insolvency."
Conergy AG filed for insolvency protection from its creditors on July 5, at which point production of modules at its Frankfurt (Oder) plant halted.
Some 320 module production staff were told on site today that operations and deliveries will resume on Monday as the search for a buyer for the Conergy Solarmodule GmbH unit continues.
Undritz, of law firm White & Case added the unsold Mounting Systems unit, which manufactures in Rangsdorf, has a full order book.
Kawa has signed a letter of intent to purchase the Conergy Deutschland and Conergy Services units in Germany which were unaffected by the application for insolvency protection as well as subsidiaries in the U.S. and Canada; Singapore and Thailand; Australia; Spain; Italy; France; Greece; Cyprus and the UK.
The private equity group will also acquire the administrative, management and infrastructure functions of the units, including operations in Hamburg and Zweibrücken.
No details of the cost of the deal have been announced and both parties have stated an intent to complete the acquisition within four weeks.