Two Centrosolar Group AG subsidiaries leave protective shield, file for preliminary insolvency

Share

Beleaguered German PV manufacturer Centrosolar Group AG has announced that its two subsidiaries – Hamburg’s Centrosolar AG and Wismar’s Centrosolar Sonnenstromfabrik GmbH – will leave protective shield proceedings as the company sheds more business in its attempts to keep its head above water.

Late last week the entire German operation was placed behind a protective shield designed to enable the company to continue its operations free from creditor demands. However, as part of its restructuring arrangement with the banks, Centrosolar Group AG has agreed to relinquish that creditor protection for its two subsidiaries, effectively forcing Centrosolar AG and Centrosolar Sonnenstromfabrik GmbH to file for insolvency.

"Part of the financing concept is that Centrosolar AG and Centrosolar Sonnenstromfabrik GmbH leave the protective shield proceedings and apply for the appointment of a preliminary insolvency administrator following the regular proceedings in order to provide further comfort to the banks," said a company statement, which also confirmed that Centrosolar Group AG will continue to operate from behind the protective shield as the company explores all re-organization avenues.

It has been a rocky 12 months for Centrosolar, with Centrosolar Glas declared insolvent earlier this month, and Q1 revenues for 2013 down by 43% on last year. After selling off or winding up various subsidiaries, the company applied for a protective shield last week, with annual revenues down to just $85 million after reaching $145 million in 2012.

This latest announcement could be considered a last throw of the dice for Centrosolar Group AG as it maneuvers its operations into their most streamlined and manageable guise yet. Further financing decisions are set to be finalized early next week, confirmed the company statement.

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.

Popular content

Mercedes-Benz testing new solar paint

02 December 2024 Mercedes-Benz said it is now evaluating a 20%-efficient, non-silicon photovoltaic coating that is significantly cheaper than conventional solar module...

Share

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

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.